MLB Trade Rumors has an article on the 2023 Rule 5 drafted players. There are a few that are doing well and shows why this rule makes sense to keep. Gives these players an opportunity to get playing time when they might not from the original team. I'm not sure a rule change is needed or would be better than what we have. Teams should learn to not select players that are clearly not ready, or if they do, return them early when it becomes clear they are not ready. I think the Varland case is a good example. Clearly he has talent, but really needs more time in the minors. The Brewers took a shot and when they felt it wasn't going to work out, let him go.
I'm hoping this was a lesson learned from the Wang/Cruz days, when the Brewers hung on to a player just to keep him in the organization. The cost to try out a player and see if he will stick is low. To have the team hang on to a player longer than they should in detriment to the big league club is a bigger cost.