The Olympics is proving that the only thing that can enhance a world class player's career is to win one of the four major championships. The Players will never be on the same level as a major and I don't think the Olympics ever will either. That doesn't mean those two events aren't important, just not as important as the other four. Why? Because those four championships are the ones that every single hall of fame player won (excluding Montgomerie).
A player's image, status, marketability goes up immediately after winning a major. Even though the players may not like the USGA, they want to win our national championship. It's a tournament that has been around since golf started in this country and will be around for as long as golf is played in this country.
It would be very difficult in my opinion to get a company to spend millions of dollars to sponsor an event opposite the U.S. Open. The company may actually get some publicity because it would be so shocking, but when the world's best don't show up, it will be a huge gamble that will fail.
The Golf Channel covers the U.S. Open non-stop during the week. If the golf channel decided to telecast an opposite event, the USGA could not allow them media passes or allow them to shoot their Live From show on premise. I'm a golf nut, but I don't want to watch two golf tournaments, and I'm not going to watch the non-US Open event.
When it comes down to it, I don't think anyone wants to fight against a tradition that has been around for 116 years.