Thanks for initiating the discussion about this!
In my opinion there should be a clear plan how the MORPHO token benefits from the growth of the protocol. The simplest mechanism is some kind of a fee switch, which goes back to the token. The current situation is that the token is used for incentivizing usage, which will lead to a lot of sell pressure, as many of the users will chose to sell the token. There should be a clear idea, why holding the token long term is beneficial.
If I have to do a quick brainstorming, some kind of a fee switch on the Earn vaults could make sense. From there the collected fees could be used for a buyback of MORPHO tokens, which are distributed to a staking pool which utilizes some ve- staking mechanism. In my opinion the ve- staking mechanism that Curve created is a good and battle tested system.