The NHL is not going to pass over studs, stars, and popular names like Draisaitl, Stutzle, Hischier, Fiala, Kopitar, Zuccarello, Josi, etc., but they also have no business or interest expanding to Olympic or IIHF sized tournaments.
6-8 teams, no more. Smaller countries can group together for representation. And if Russia isn't going to represent themselves (for clear reasons), a Team Europe can take on a couple of the Panarins who are willing to play without giving the Russia Federation the satisfaction.
I'd also argue it wasn't a failed experiment at all.
While a little gimmicky, Team NA was pretty fun to watch and their merch sold like mad, and both teams were competitive (Team Europe finishing second)