Well, the thing is... at the moment I'm watching climbing. Pretty much everyone I know in my age and younger does climbing/ bouldering from time to time. Some do it regularly, in clubs. But there is only one Olympic combined event, and only from this year on. I'm an advocate that the Olympics should have their broad base in everyday, leisurely done sports. Like I said, swimming is also very important, but there is no denying there are new sports (well, most not soo new, when a sport has been done competetively for decades I think it deserves some respect as such), and, like you said, if there are too many medals, it devalues the meaning of a medal. Also, for viewers it's not great.
There is a perception that Olympic sports are certain, special, classic sports, including something like shot-putting, with which the everyday exercises, sports in clubs, things you do for fun, have nothing to do. But that is not the core, in my opinion, and it will make it harder for children and teenagers to persue a sport, if it is practically a part of an Olympic bubble not at one, high-performance point, but from the beginning on.
I would rethink the whole system... the problem is that often the money/ support in a whole sport in a country depends on the medals gained in the Olympics, and also that there is only recognition for the sport through the Olympics, so that if you have only one event, it just can't sustain. I would like for a way to be found to change this.
Well, it's a complex topic. If you leave everything else the way it is and only cut half of for instance, the swimming and the cycling events, of course that has rather devestating effects. Hence it's all just mind play from my side. But if I think about what the Olympics should be, what the core is, it's not medal hording in a thousand events which are all pretty much the same, by one athlete. It also shouldn't be about certain countries strategically investing all their money into equipment and structures so that they can gain a bunch of medals and rake the international success. It should be the pinnacle of sports that people know and at best even do themselves.
Finding a balance between tradition and contemporary is difficult of course, but I would like to keep the "core" of Olympic sports, like wrestling, running, swimming, gymnastics, but not necessarily with the rules/ distances they have traditionally had, while integrating broadly done sports like climbing and karate.