Moving BTC to a 5 minute blockspeed would literally double it's transaction capacity.
orphaning rates aside, this is contentious for another reason: it speeds up the emission rate by a factor of 2. those aren't the monetary properties that bitcoiners signed up for.
it would also only represent a small, linear increase in throughput capacity. what we need are mechanisms that can provide
exponential increases. LN is one such mechanism.
Alternatively you could reduce block reward 50% to keep emission rate. But both changing block time interval or block reward require hard-fork, which won't be approved, especially because Bitcoin community prioritize backward compatibility.