There used to be some proper lore in the game. See https://www.kixeye.com/forum/discussion/550653 for more details.

The basic backstory, as presented by Burr (not exactly a reliable source...) is this:

Miners signed up to work for Vega, moved out to the sectors and started mining. Vega came along, wanted the stuff the miners had mined plus tax. Rebels said no, Vega called their bluff and bombed them out. After a while, the rebellion got some help from an insider (mystery voice) who turned out to be Larus, ex-Vega employee turned rebel. Despite a brief appearance by Algol, who said something about aliens and won a lot of support when Larus was just selling us junk in his black market (what's new now?), Laru became a rebel leader and arranged the alliance with Keres and the Iron Star Company, who waged a (fairly ineffective) campaign against Bishop of Vsec. Their attacks combined with the rebels' efforts seemed to work for a while and apparently forced a Vsec retreat, but Bishop had a cunning plan, suckered the ISC into chasing after him and they ran into a trap. Bishop is playing with blood amber (not a good idea...) and has some kind of mind-control device which has turned large sections of the ISC's forces against them and the rebels, and now portable wormholes which can launch fleets to anywhere, anytime. That's the 60 second history of Vega Conflict.

What really happened, though, is a much more interesting story. I have my own ideas about it, as do several others who have written or are writing fan-fiction stories about the game (I had an idea for one, but sadly haven't had time to write more than the first two chapters.) So far all we've seen of Vega is the mining operations and V-Sec. An old character, Bertrand Rumbelow, was previously in charge of the mining operations section (VP of Outer Mining Operations was his job title), and now Bishop seems to be running the Vsec side of things, but other than that there's almost nothing at all known about Vega. Algol got waaaay more support from the high level players at the time, but were outnumbered by Team Larus so we got stuck with Larus and his awful black market of second-rate parts and cheap upgrades while Algol disappeared, returning briefly to make some missions for crafting and leave some enigmatic clues.

In the future... Will Bishop's plans finally turn the ISC against the rebels (like I predicted a long time ago)? Will Algol show up again, leading or being chased by a new alien faction? Will the secret romance between Larus and Keres be exposed? (OK, so I made it up, but that would explain A LOT...) If enough people stick around in the game, we might find out. This game actually has a reasonable amount of lore attached to it, if only someone official would stitch it all together into a good narrative or release some official stories like CarterGee did before he left. MORE LORE!