I think this is a great post and very well thought out. I’d point out that governance rewards will continue to decrease and that perhaps some changes could be made via proposals rather than a dismantling from the top down (although exchanges and Algorand Inc will decide right?).
I don’t dislike the governance program and I think that some goals may not be the same for everyone, but to be honest I’m not knowledgeable enough to have an opinion on this. This sounds like a good idea, but Algorand governance also seems to have benefits to me. It does at the very least seem that the TVL argument is correct but I can’t synthesize that into a particularly strong opinion.
In any case, just some thoughts. I appreciate the post and think this is an important discussion as somebody who wants Algorand to achieve the success it deserves.