It is very fun, but it would be cool to see it built upon in the future.
The gameplay loop gets a little repetitive after a while. Adding a few harder enemies in after a while of gameplay to make it harder may help keep things interesting and vary up the loops a little bit. Being able to level up your ship to increase speed or bullet stream damage/ spray may make longer runs more fun to play as well.
Regardless it is still a lot of fun and I really like the simple but effective art style too.