Your points are totally valid, but I will share my reasons for having faith in this particular project:

1. The creators have been delivering projects for about 40 years now (not Kickstarter, but mostly as Toys for Bob).
2. The project has progressed significantly already - prototypes have been built and assets have been created. It’s not just a speculative project.
3. The project is of a manageable scope. It’s not planning to revolutionize anything or deliver innovative technology. It’s well-trodden ground, technically speaking.

I will admit that there’s risk in it being a small team chasing nostalgia, so even if it does deliver something, the quality may not be what we all hope it could be. But I have enough faith in the team that it can’t be worse than Star Control 3.