I am getting the same sentiment. If the hall of fame closing for one faction opened up mythic raiding for the other faction, then I think you would see a rebalancing. You would also see earlier access to x-realm recruitment by being able to test out new players/guilds earlier in the tier before energy fades and guilds stop thinking they can push.
It worked for rated PvP when Gladiator became the top % of your faction the ratings differences started very skewed much higher for horde b/c they had all the top players and started moving towards an equilibrium again. Participation rates are uneven, but quality of playerbase improved (relatively even).