As others have mentioned, there is room for PF2 along side PF1 and 5e. There is a middle ground that has more crunch than 5e but is more streamlined than PF1. And, if they can manage to make this backward compatible with existing PF1 adventures, then there will be tons of content available immediately.
I don't have a problem with a more streamlined Pathfinder, but it's really
the support that I'm in the game for. I don't play pre-made adventures, so when I say "massive product support" I'm talking about races, classes, spells, feats, magic items, and monsters.
5E covers all my "basic game needs". Pathfinder covers all my "crazy game needs". I don't really have "middle" game needs. Not to mention I just don't run that many fantasy games. P2 is essentially going to either compete with my 5E "basic game needs" or my Pathfinder "crazy game needs", and it won't do the latter for several years (much as it has taken years for 5E to get to they point they're at).
I'm also just sort of generally a low-consumer of D&D-variant products. How many different Monster Manuals depicting Orcs and Dragons do I really need? Especially when the variances are small. Unless the difference between a Pathfinder dragon and a P2 dragon are the difference between a 3.5 dragon and a 4E dragon, I don't see the need for incremental changes.
It is unfortunate that, unlike a video game, Pathfinder cannot simply patch their rules.