As I said, I had achieved 70% with JS prior to entering this phase of the game and later learned that was not necessary to get the Space Ending. Yet after 5 minutes of waiting, 6 minutes of waiting, hell 10 minutes! Nothing happens. No Space Ending initiates and all I keep getting is the suicide ending. NO! It's not Space Suit Jets you see and if it is the animator needs to watch several videos on how they work because you do not see the actual jet vapor cloud ahead of the direction the user is moving. Too forensic a view? Perhaps. But in a gaming world that has been gravitating more and more towards space sims and the like, realism is key. This actually looks like the air in the suit escaping not some propellant pushing V forward!
It's already been mentioned but The reason you did not have this ending before is that you need to make a very specific Dialogue choice at Johnny's grave if you don't do that mission or make the wrong choice the option is not there. And even thought it was in at launch I actually believe the slightly changed how it worked around patch 1.2 because there was some confusion on how to unlock it. At least I remember IGN making some sort of post about it.(it's been about a year so forgive me if I'm misremembering)
As for the "Propulsion Jets" Vs "Air leak" thing. If you think it's bad animation, I can't argue that it's your opinion. But its been made pretty clear by the story and the Devs and basically agreed upon by most of the community that V is just on their way to the next adventure and then left open ended.
Like I said before some people even think that may be the starting point of an expansion/DLC to the game. I personally doubt that as I think any expansions/DLC will take place before the ending like they did with The Witcher 3... But I digress. the point is V is very much alive (at least for the next 6 months or so) In every ending except the Actual Suicide one. V's story is most likely left that way A.) for an artistic choice B.) to leave the door Open for V to return in the future of the franchise if they go that route. C.) it's very cyberpunk to leave things semi-unresolved the genre doesn't usually end things with sunshine and rainbows even "Good Endings" are somewhat uncertain or come at some sort of cost.