While I'm a huge fan of psionics, I personally think it should be a modular element. Like maybe in a Psionics Handbook.
The reason I say this is that psionics is not a universally loved element of D&D. It should be there for those who want to use psionics, but it should be optional as many people do not like psionics.
Playing Devil's Advocate here...
By that yardstick, 4e was right to leave out the gnome initially. If it's a popularity contest, we're going to end up with a rather truncated game because although there's fans for every single race and class combo, just from anecdotal evidence (and the occasional poll), if it's not a fighter, cleric, wizard, or rogue, the numbers drop off. Same with races. Human, elf, dwarf. Maybe halfling. But even there, you've a significant dropoff. Personally, I despise the dwarves and gnomes. My setting has the former a shadow of their glorious past due to genocidal wars fought between them and the growing human nations. But I built the setting to include them, even though I don't like them. I don't see why one cannot do the same with psionics.
To a large extent, I
do see what you're saying. But the logic of the argument is a smaller game with more supplements to 'fill in the blanks' regarding things that were considered core not too long ago. Now, that's fine and dandy. I'll buy 'em. But I've read lots and lots of people moaning about how much they don't like to be "forced" to buy this or that supplement in order to play what one would consider a basic D&D game.
I guess what I'm saying is that if we pare it back too much, we'll lose some of the fan base; those who seem ideologically opposed to buying multiple supplements will balk. I don't know their numbers--probably small but very vocal--but if the goal is to reabsorb the fractured base and, if they're lucky, grow it with new players, every player and DM counts.
There's a balance here. We tend to forget--or ignore in some cases--the fact that WotC is a company and capitalism is our economic system. They must produce a product or die. Period. Dot. There's a cycle they have to go through and when the revenues start to dry, they have to hit the 'reboot' button and start over again. Planned obsolescence is just as much a part of a successful RPG company as it is for the auto industry. They have to do it or you won't have an industry. Video game companies do the same thing. Mass Effect and Dragon Age are great games but the rules have been tweaked only slightly from game to game. Compared to D&D, I'd say they're even more conservative. And yet people snatch up each new game with vim and vigor. That's great. I love that. What I find odd is that we don't give D&D that same benefit of doubt.
But, having said all that, I'm resigned to a Psionics Handbook/Complete Psionics route. I just wish they'd do more for it than simply toss out a couple of books. A module or four would be nice (non-setting specific, of course).