I was a big fan of the space theme as a kid. I don’t remember if I had a backstory for the factions, they were just cool. When rebuilding the sets some 20 years later I did think of a shared universe. Classic Space/Futuron would be first generation, government sponsored missions. Standard.
M-Tron introduces some big mega-corporation taking on logistic tasks outside the solar system, gradually branching out to research and exploring to allow for new settlements. Blacktron II is split off to break the monopoly and gets involved with darker genetic and social engineering stuff. Stealing M-Tron company secrets is part of the job.
Spyrius are subcontracted for duty in the most remote and inhospitable regions, for this reason relying heavily on robots and AI. They have dubious and changing loyalties. The Ice Planet 2002 is the most successful settlement, getting ice into orbit with a space elevator and piggybacking it on meteors for transport. Their rocket program, initially to link up communications, is becoming a bit of a worry though.
To handle increasingly conflicting interests, the Space Police is sent by the Earth government. They are not always welcome and are suspected of being a cover for their real mission: keeping the space colonies in check. Lastly the Insectoids would be Blacktron II experiments to handle extreme conditions on some newly colonized planets. The other factions don’t have a place in this narrative simply because I don’t own any of their sets :p
I don’t think this kind of world would be commercially viable at all. A variation on the Stargate concept would be cool though: linking all worlds, not just space, in a more serious way than Time Cruisers. But probably the narrative from the Lego Movie has already filled that bill.