For context I play on an Ethernet PS5 connected to a Asus RT-AX82U AX5400 with satellite NBN
You can’t. It’s satellite. Your data is travelling to fucking space and back. Get fiber for best speeds and ping, or cable.
550ms for satellite is pretty darn good. The signal makes one hell of a round trip and 550ms is good.
Data packets go: Your Device > Your network > Your Antenna > Satellite in Orbit (500-200km above earth) > Satellite network > ISP Antenna > wherever it needs to go on the internet > ISP Antenna > Satellite network > Satellite in Orbit (500-200km above earth) > Your Antenna > Your network > Your Device
Doing all of that in just over half a second is amazing.
You might be better off with DSL or even a Cell based service that doesnt need to make the trip to space.
Geostationary orbit is at ~35,000 km. It’s far but the speed of light is “only” responsible for about half of the total latency
If you want lower ping, you have to switch to a different type of service like fiber, cable, DSL, or even cellular. If you’re out in the middle of nowhere where none of those other options are available, look into Starlink because even though it’s satellite internet, the satellites are closer to the earth so you get latency similar to what you would get with a cellular connection of about 50ms instead of several hundred ms with a traditional satellite provider like HughesNet or Viasat.
With Starlink low earth orbit satellites you can get sub 100ms ping. Could check that out as an option.
