According to a Post on Reddit, LiquidCatNip, the leader of the East India Company says that EIC is opting out of power play.
In his message, he states that the concept of Power Play is good, but in its current state it is completely useless. He and the members find that the grind is way to much for way too little. Little rewards, little effect, and does not increase the depth of play, but decreases it.
EIC is one of the Larger RP player groups, so this may have more of an effect of PP in the long term than we realize. In the short term, pulling support for Zemina Torval will cause a lot of issues on the next tickover.