Boxing has been watered down though. For the longest time, the olympic committee used a points based system where landing a jab which just touched was given the same credit as landing a punch that knocked the other person onto the canvas. This system produced boxers like Amir Khan who were very light on their feet but had reduced ability to box from the inside (as what was the point of doing that when you can just win matches by touching?).
I am guessing if Muay Thai goes through it will be a version like Mod Thai where there will be rules like no elbows (so as to not scare away the average joe who is watching) and/or where there are shorter rounds (to ensure more action for the average joe).
It will be great from the POV that more people will try Muay Thai/the sport will get more funding but I worry how it will affect the practising of the style itself...