If I were them and dead-set on an FPS I'd take my IP over to one of the big shops and license the hell out of it and let people who do that particular type of game have a go, spend a ton of money on a wide-release "AAA" shooter and open up the IP at least to a wide audience.
Call of Duty: Advanced Modern Space Dust Warfare Black Ops 514?
Single player campaign consists of a Gallentean named Ramirez defending freedom against
Russian Caldari,
Arabic Amarrian, and
African Minmatar terrorists.
Edit: Just to add, I think the major issue with Dust for me was that it felt like it had no idea what kind of FPS it wanted to be.
The 16v16 maps usually ended up with either tanks and dropships dominating the open or getting into terrible CQC situations where all the objectives had easy chokepoints that would end up in the spamming of grenades and heavy suits.
If they wanted vehicle gameplay then that's better suited for 32v32 or 64v64 style maps where you can at least be assured there would be some people out there able to spawn in with some anti-tank or anti-air to pressure people in vehicle assets like in Battlefield or Planetside.
On the other end of the spectrum they could also have released some 4v4 or 8v8 maps more focused on CQC style shooting with a mix of confined and open areas in a tight area emphasizing checking your corners, peek shooting, etc., like in CS and CS:GO. Which might have also attracted a competitive scene, who knows?
I think Dust was an interesting experiment but in the end it always felt like a shooter that really didn't know itself what kind of shooter it wanted to be to offer.