I think Legacy would have a very hard time keeping the peace between the fans that want non-stop cameos/call backs, the ones that want some and the ones that want very little to none.
You will never please all of the people, all of the time. I think that's particularly apparent in Discovery, which seems to be a particularly polarizing show.
It seems to be it's clear there is a market for both things... seems like Paramount can handle two productions at a time. Have one that is its own thing, with very little callbacks to anything. Have another that is nostalgia callback fanservice fest.
It still is risky. And a Academy ideas has been circling since the 80s, so it isn't as left field as many might think. It also is far less riskier financially, since they have sets already built and in a place that is cheaper to film in Canada. They can bring in relatively young or unknown actors to make it cheaper as well.
Legacy would be the more expensive, and riskier, proposition, to my mind.
I wasn't aware that the PIC sets had been destroyed, so there's an added cost.
The risk factor I think is off base. The very fact that there are people actively asking for one, and... nobody asking for the other should be an indicator.
The ONLY
potential advantage SFA has is likely being targeted a different audience, the young adult crowd. It has potential to bring in a new audience, although it has potential to push away the existing fanbase. Kurtzman has addressed this, and while I don't trust Kurtzman as far as I can throw him, the fact that he's at least signaled he's aware of it is mildly promising. He's said something along the lines of "the show needs to be accessible to a new fan just picking it up, but also satisfying for an old fan with decades of canon knowledge".
I think the same thing could have been done with Legacy, although in the grand scheme, the fact that SFA was so far along in development is probably a good reason why Legacy won't happen. They're similar things. Legacy would have ALSO been the "younger crew" show. Had SFA NOT had any legs when PIC S3 rolled around, it may be a different story. SNW hit at the right place, right time... fans wanted it, and they didn't really have anything in active development.
There was nothing wrong with S1-2.
S2 got hit by the Covid lockdowns. That's not the fault of the show.
S2 got hit by Covid, Executive Meddling "it was too Star Trek" and had to be rewritten, and the whole time travel thing to begin with a cost saving measure passed from on high at the studio.
Some of the loose threads were kind of other issues as well. The whole anomaly/wormhole thing wasn't even supposed to be there, but it was determined the ending needed more action, so they stuck that in. Matalas wanted to actually tie it into S3 and have a quick explanation that it was a decoy transwarp conduit to distract from the one opening in Sol, but they just didn't have the time to make it happen.
S2 and S3 got hit by Covid, they filmed back to back. Alot of corners were cut in S2 to make S3 happen the way it did.