I've been thinking along quite similar lines recently. It seems like there is next to no readership here. No reason why readers would choose to come here as opposed to any of the other free-blogging sites which, as almost everyone agrees, have much better UI and more dedicated authors.
My first reaction to your idea was the typical 'no one would post anymore', but now that I see the reasoning it may actually be what this site needs. However, different people have different ideas of what this site even is. If we're a social media site, then the current ratio seems fit for purpose. If we're a content platform, then consumption rather than volume should definitely take more of a role.