I'm OK with single elimination as long as it is seeded.  Every tournament must build to a crescendo and a lack of seeding will compromise that objective.  Tennis, which has single elimination as the rule, understands this, and seeding ensures that the top 16 will not face each other until the late stages.
The real problems with single elimination in pool are:
a) A lot of players will view it as a crapshoot and choose not to show up.  It costs a lot of money to travel to events, and it will be super-tough for all but the elite to cash.  It's not like tennis, where first round losers at the 2025 US Open got $110,000.
b) luck of the draw will have too much impact on the rankings.  In double elimination, even if used in qualifying only, the loser's bracket gives those who draw poorly in round one a chance to show their stuff if they have it.
Pool players will never buy into single elimination until last place money more than covers participation expenses, and I don't see that day coming anytime soon at the majors.  As we have seen, last place, more or less, covers expenses at events like the PLP, World Pool Masters, World Cup of Pool, but it is hard for an event producer to make much money from those events.
In short, I think single elimination would fly with the fans but not with the players.