I think it depends on the market. There are some markets where complexity is really a pain. There are other markets where existing products are already simple enough for the given users that this is not the main concern.
Unfortunatelly in markets where complexity is a huge pain nowadays it is very hard to find or build the relatively simple solutions. Otherwise others would have found/built it already.
So yes, yet another bug tracker will not win in the market just by being even more simple than the other simple bug trackers.
But in a market where users are actually fustrated of the complexity they have to deal with - it can hit big. For example in case of programming languages, frameworks it is a big selling point to be simple: programming can become fustratingly complex if the tool is not designed with simplicity in mind (see enterprise Java). That's why things like Ruby on Rails are successful.
Unfortunatelly in markets where complexity is a huge pain nowadays it is very hard to find or build the relatively simple solutions. Otherwise others would have found/built it already.
So yes, yet another bug tracker will not win in the market just by being even more simple than the other simple bug trackers.
But in a market where users are actually fustrated of the complexity they have to deal with - it can hit big. For example in case of programming languages, frameworks it is a big selling point to be simple: programming can become fustratingly complex if the tool is not designed with simplicity in mind (see enterprise Java). That's why things like Ruby on Rails are successful.