I agree, wHIVE has the same problems as wBTC and other wrapped assets. I am working on making it more decentralized by using multisig wallet on Hive/Ethereum.
Atomic swaps could solve part of this problem if they were added to Hive: https://hive.blog/hive-102930/@netuoso/hive-bridge-atomic-token-swaps
Atomic swaps would be a good idea too. As long as the plugin didn't mess a lot with the L1 of Hive, messing with the L1 can result in drastic mistakes that can make the chain crash (like we've seen in the past)...