Removing veteran ranks should not only be "remove only the VR progression". It must be something different, an approach that completely alters the game after you hit 50.
ESO is finding a balance and it works, however, Veteran Rank is a poorly thought out system, luckily they went about on the hugely successful system from Everquest called Alternate Advancement. That i
Removing veteran ranks does not fix the problems you cite. If veteran ranks are removed, players would receive even fewer rewards (via fewer attributes and skill points) than what they receive now for