So it all depends on what figure skating really is. If the greatness is supposed to be measured by number of facial grimaces to performing Ave Maria, then definitely REMOVE it from the olympics! And then good luck making this artistic activity (but not sport) survive!
Sorry, you cannot have cake and eat it. Either world wide sport with media and money, but also with rules and athletic requirements, or obscure "artistic" activity paid from your own pockets, because I am not going to give a penny to that thing!