My stance, for what its worth, is as follows:
The Mosconi Cup has been a great success, it is pretty much the only recognised event for non-pool afficionados (at least in Europe, I can't speak for the US).
I could ask 1000 people if they'd ever watched the US Open, (9-Ball) World Championship etc and I'd get blank looks, but if I asked about the Mosconi Cup, at least a few may say yes, largely due to the Sky/Matchroom partnership, covering the event since the mid-90's.
For me personally, growing up in the UK, until I'd seen the Mosconi Cup, I thought pool was played on 7 foot tables with green cloth and red and yellow balls!!!
Now, the Mosconi Cup was of course modelled on the Ryder Cup and plays into the (friendly, in most cases) rivalry between the US and Europe. This in my view is of huge importance as each side can paint the other as a bit of a pantomime villain and that is a huge part of the narrative. Even with a pretty poor run for the US of late, tickets will sell in Europe as people are still keen to see the country that invented and dominated the game lose!
When the Reyes Cup was announced, I just assumed it would follow the same format, as to me it was the most logical.
Team Asia vs Team Mosconi Cup Winner, was okay, but it felt too friendly, there was no good and bad narrative (from either perspective) and that made it lack edge. Then the latest edition, Team Asia vs Team Rest of the World, lacked any edge at all, the narrative and rivalry element was completely gone and that just doesn't make things interesting for the viewer.
Now if we have the Philippines vs Team Asia, its true there isn't a good vs bad angle, but Matchroom can work that over time, the matchups are likely to be even-ish, so as a spectacle it may work a bit better. If managed correctly, Matchroom will be able to generate some sort of narrative that the fans can get behind.
I think they need to adjust the ticket prices to cater better for the local market, an empty arena isn't a good look and kills the atmosphere. In the early days of the Mosconi Cup, tickets used to be free (as Matchroom were prepared to play the long game and build up a fan base, perhaps that could be worth considering).
Of course in time it may make sense to have the Mosconi winner vs the Reyes winner, but that can obviously only happen if they go down this route.
For the avoidance of doubt, I'm not saying anyone is good or bad, so please don't take offence, I'm simply saying that these events need a narrative to work and Matchroom were quite good at generating that by using the Ryder Cup approach!