Funny you mention Equinox. Their Vimeo trailer is dead, their website is dead, and the Facebook page is all but dead. They were never a real project to begin with.
I know this might be going off on a tangent, but Equinox was really when fan-films jumped the shark, not Axanar. I have no doubt that everyone behind Axanar (including Alec) genuinely thought there was a story worth telling here. The scope of the project just expanded beyond what any fan-film should ever attempt. Equinox, on the other hand, seemed to start with the idea that if you just had two fairly well known Trek veterans and wrote some implausible time-travel story to bring them together you could exploit their name-recognition to crowdfund a show. This despite the fact that (sorry to say it) Gary Lockwood doesn't even look recognizable anymore due to his advanced age. It was marketing first, storytelling second, and I think potential donors realized this, and turned their thumbs down on it.
It's probably not a popular opinion to say this, but I think fan-films were becoming sort of the next thing aging actors could do to make a living (or at least provide something interesting to do with their idle time) beyond the convention circuit. Remember that Richard Hatch was at this sort of thing all the way back when he tried to revive classic Battlestar Galacitica with his own fan-film. That project was, in some ways, Renegades before there was Renegades.
And go much farther back and Bill Mumy tried to revive Lost in Space and got smacked down by Irwin Allen in a soul-crushing phone-call.
So there's a precedent here for non-copyright owners trying to kind of usurp copyright. No matter what the intent, if they take it to far, they always hit a glass ceiling.