MLB is in big trouble and reducing Ks isn't going to help much, as seen by the new pace of play changes to speed up the game.
Why would a 5ERA be acceptable to a pitcher who is hoping to one day make the Hall of Fame?
The length of the game as well as higher costs to attend has become a real concern for MLB. They are losing fan attendance ( with exceptions) at the stadium as well as viewership ( especially among the younger generation) on TV. Also the lack of talent, as well as changing the roster too frequently hasn't helped.
JMO