I agree with Tonto. This team thing has the potential to become the skating event of the Games for the television viewers. No one has ever heard of Ashley Wagner or Gracie Gold, but...USA! USA! USA!
In addition to the ISU I think the IOC has expectations that athletes will participate. Plus, who wouldn't want to skate their fool head off at the Olympics Games if given the chance?
Sometimes there are a few athletes in both the Winter and Summer Games who decline to be part of the relays because they want to save themselves for their individual events. They end up looking unpatriotic and selfish.
As for the possibility of injury in the team competition -- Menshov notwithstanding, you are more likely get injured in practice or to catch a cold on the day before your event. This is the Olympics! No time to get timid and scared of what might happen.
That's the spirit! For most, the Olympic Games are a once-in-a-lifetime experience! Make the most of it! Who wouldn't want to skate for team glory and an Olympic Gold Medal? As for the possibility of getting hurt... that can happen any time to any person. It's part of being an athlete.
I with there were ways to have even more teams participate.
Good point on the relay analogy. What a tragedy it would be for a favorite to skip the team event, watch his team win gold without him (or face speculation that his absence cost them the gold) and then splat miserably during the short program. There's a nice Olympic memory to carry the rest of your life.