I agree now, but before franchising there was the possibility of T1 valorant growing enough to fill more leagues. Franchising actively killed most prospective T1 teams.
In NA (as an example), if franchising didn't happen, it might have had a 10-team league on its own with known orgs (think TSM, Shopify, Luminosity, etc... hell, maybe even GenG since they were in NA pre-franchising). LATAM would be a different thing since only KRU and LEV were (and still really are) the only good/well-known non-Brazilian teams, but a combined LATAM/BR league pre-franchising would've also worked (think LOUD+MIBR+FUR+Vivo Keyd/Keyd Stars for Brazil and orgs like KRU/LEV/RETA/AK/FUSION for the rest of LATAM)
There just isn't the money in T2 right now that would incentivize orgs into competing. Now that TSM is out of Ascension (example) I honestly predict they will drop the roster or have the roster bought out by another org.
The other regions I also agree but I don't have much knowledge about region strength. Korea and Japan could probably create their own league but then the rest of APAC would be in a weird limbo, and China still being separate still makes things awkward. EMEA is fine as is.
TL;DR we wouldn't have this discussion if Riot waited another year to start franchising, or if they didn't do franchising to begin with