Thank you for the proposal!
In the best case you want to benefit from the bull markets and the degens/the mania, so it might be a good idea to think about different fee models for different market conditions. For example:
The protocol sets a specific limit for the 24 hour trading volume, if this limit is passed, the protocol switches to the bull market fee model and introduces volume-based fees. If the volume falls below the line, you switch back to an incentive aligned fee model. I think it is absolutely fine to charge higher fees during a bull market, because the utility of the protocol rises dramatically (much more MEV etc.)
You can also give the COW token more utility, we can bring back the fee reduction mechanism and people who lock COW get lower fees, or COW holders only get incentive aligned fees etc. etc.
This should increase the price of the COW token, which also benefits the sustainability of the protocol.