I've only experienced this using an xbox controller: If your craft keeps getting further and further away from your point of view after using the speed boost, just press F1 to toggle the close-by camera mode. This mode appears not to be affected by the zooming glitch.

I actually had this same issue when I tried to get this game to work on Win 7 a few years ago, but even the F1 option did not fix it then. So while I'm happy that this is now playable with a controller without the glitch happening, I still wonder what triggers it?

This isn't really "fixing" the issue, it's just using a camera view not affected by the bug. Good workaround though, although it'd be nice if they actually fixed the bug itself.

Just got my controller to work with it, and it seems like after the camera bug starts happening, anytime you attempt to accelerate, the camera goes wonky again. Yes, you can play in cockpit mode, but dear god is that difficult and not the way I'd prefer to play the game. It all feels so janky to me overall.

I'd recommend setting your core affinity to only use one core in task manager, and to set the game to Win98/Me compatibility to get the game to slow down if it seems janky to you - this might solve part of the problem for you. It worked for me anyways.

FYI I'm also having the same issues with my USB Joystick, which is a Saitek Aviator. Hopefully this is patched soon. Is this a glitch with all USB controllers?

Unfortunately as mentioned elsewhere this is a bug that came with the original game, and is pretty much unfixable I believe.

Use the HOME button view. In my opinion, it is the best compromise between an external view and the cockpit view. It is an external view attached to the rear of the starfighter, so it is a little closer in than the normal external views, but it is completely unaffected by acceleration so the camera never zooms out from the starfighter.

I also found that simply using the view option that's close to the rear of the ship but not internal to work best.
It's a shame that some people stopped short of playing this after seeing the inital zoom glitch.
Heck. I had already uninstalled the game and decided to try again merely on a whim.