Should play sixes format IMO. Get more teams in the same space.
It's a great move to have Cricket in the Olympics. I do not think it will inspire USA, China etc to develop cricket, due to the fact that only the top few out of 100+ nations playing the sport will actually feature at the event. Building a championship team is also much much harder than building a single champion athlete. China did not even bother entering cricket teams into the Asian Games that they hosted! But it will open up doors to funding for a lot of Associates, which is always good.
It is a bit crap that the proposal features only 6 team atm, and most likely it will be full members sending out second XIs + USA. The tournament does just seem like another guise to play an India vs Pakistan match. But hopefully they can fit a few more teams in, and there will be some growth in the tournament with each edition.
I am not joking about sixes as a format. It is more accessible for non-cricket viewers, both in person and on TV. Can fit more games, and therefore more teams, into the same amount of time/venues. And it creates more opportunity for associate countries to win some matches. Plus it would be much more fun to watch than some 2nd XI T20Is!
Also only 1 medal for cricket is a bit crap. It takes up so much time and resources compared to other sports at these global multi-sport events (like track & field, swimming, etc) but those end up generating tons of medals for each country. Many athletes get to win multiple medals at an event. Cricket should introduce 'skills' competitions into these events. Run small competitions in/around the actual matches and award medals to players who can bowl the fastest ball, hit the biggest sixes, can hit the stumps from the furthest distance, take the best catches, etc. China may not win the actual cricket medal, but might care to train up an athlete or two to win these competitions instead.