I think that the current mechanics of homing missiles require some rework and additional capabilities. As far as I understood and clarified on the forum (https://empyriononline.com/threads/what-are-homing-missle.95245/) now, in order for the missile to trigger the homing mechanism, it is necessary to accurately aim the marker at the target and only then release rocket. It turns out to be rather difficult to aim at fast-moving targets, and because of this, the meaning of using such weapons is lost (it is easier with turrets, the computer aims for you). It is desirable that homing missiles work something like this: You aim the sight in the direction of the target (no matter how accurately - the main thing is that it looks towards the target) and the rocket itself determines the target closest to it and attacks it. If you think this mechanism is too easy, you can narrow the capture sector (for example, highlight the area around the sight with a wider circle and show the target acquisition indicator so that you can see whether the missile will fire or not).
I made a post about this a while back, but can't for the life of me find it now. That said, I agree the current system is pretty much useless, it's far too unreliable as you have to have almost pinpoint precision to even have a chance of them homing. However I noticed on many occasions that they don't always track even when you have accurate aim. What I had in mind was a small square or circle you have to aim within to have the missiles track the target. Some kind of audio and visual cue to tell if you have a good aim would be nice as well. Or you could simply make them lock on missiles where you have s small targeting cone you need to hold your crosshairs inside of for a few seconds for them to lock on.
Making the things more useful seems like a very wise move. I seem to recall I used them a bit in long past builds, concluded they were not sufficiently 'better' than the non-homing variants to make them worth the additional build cost and put them in my "never bother" list in the back of my mind.
While I absolutely want better lock system and indicators on the existing missiles, what I really also want to see is this:
Cut from the original Kickstarter trailer of Starship Evo, formerly known as Skywanderers, if you're curious