I made the Trials in 2016 and I could not agree with you more. Raising the standard to 2:22 or so would help distance running in the USA for all the reasons you said.
You always hear oldtimers complaining that more youngsters and postcollegiates don't go for it and race. Well this is a perfect way to fix that. Lots of 2:18 guys start as 2:22 guys and some of them end up at 2:15, 2:14. And lots of potential 2:22 guys are on the sidelines instead of in the game.
I can tell you the support and excitement I got from my community may have been small but it was real, high school kids following my results, that kind of jazz. Now I'm no good at running in the grand scheme of things but if my qualifying gives them an inspiration that they can do it too someday, then maybe I didn't waste 4 years of my life.
Or yeah, if all you care about for the sport is picking an Olympic team, then only invite 2:12 and under and be done with it. Won't do the sport any good but all the armchair badasses can feel good about denying spots to people who would tarnish their high standards of excellence.