I think maybe just due to the era that Starfleet Academy would be taking place in - the future Discovery timeline - I can’t imagine how this could be good yet. I mean, good character writing will do it, but so much of the Trek appeal is in the world-building, it’s a rough setting to have to work with.
As far as we know, there are no major competitors to the Federation. I think they straight-up defeated the Emerald Chain by blowing up their capital ship and murdering their leader. Technology has progressed to a point where literally anything is possible, you can reprogram matter itself. The galaxy has already been explored and colonized, so I guess you’d just be re-exploring old territory?