The format for Magic is a concession to the fact that they did not know what they were doing with card designs at the onset of the game. Banned and restricted lists were pieced together to give the format some structure to make it possible, but it is still a format of overpowered cards from the dawn of the game that will not be reprinted, in part created to placate card speculators so that there reserve list cards held value. I think I can reasonably say that if the lotus and moxen were not legal in any format they would drop in price as they would be relegated to collectors items.
Look at the eternal formats for any CCG that has lasted the test of time. Either the stuff from the early sets were vastly underpowered and therefor a non issue for players wishing to join the format, typically games that learned from Magics mis-steps, or they are in the same situation where the barrier to entry is much higher.
Elite players tend not to like to think of themselves as breathing rarefied air, same as how millionaires like to think they are "of the people", but the very fact that you are posting on this forum does in fact carry with it some level of elitism because you play a format of magic with a super high barrier to entry and a staunched, somewhat clique based community.
I'll equate this tread to a current political discussion.
usually this is a bad move
yes, removing the reserve list would remove a large barrier to entry into vintage (not all of them), but it wouldn't be a silver bullet for growing the format*. however, we don't have power to remove the reserve list. we do have the power to run proxy events.
*decks would still be expensive unless wotc decided to print virtually unlimited amounts of power and duals and all the other expensive cards.