I think we should put users first. What do users want? They want low transaction fees and fast confirmations.
This comes down to Bitcoin as a payment network versus Bitcoin as a store of value. I thought it was already determined that there will always be better payment networks that function as alternatives to Bitcoin. A user who cares about the store of value use-case, is going to want the network hash rate to be as high as possible. This is at odds with low transaction fees and fast confirmations.
People invest because others do the same. Money follows money. The larger the user base, the higher the value of the bitcoin. This has nothing to do with the hash rate. Nevertheless, the hash rate will be gigantic.