What a future WipEout could need, is more depth, background.

A Story mode. Where the pilots and teams organize a world tournament (like in Tekken, Mortal Kombat or Street Fighter), racing in clearly-defined Earth nations/other planets.

Otherwise, it just feels like a bland racing game. HD/Fury filled that hole with great graphics and gameplay, but a new episode would need an entertaining background.

And the WipEout universe & history would be easy to build on.

Edit: this Story mode could even host an Overworld, with interaction features & secrets.