In my opinion. the weakness of POW is that it doesn't allow many individuals to join the network with the increases of network difficulty.
So having hashrates controlled by minority of people isn't a good thing, and we need a better solution.
There is saying that goes something like "Capitalism is the worst system, except for all the others." That means something like, sometimes we just don't have a better solution. POW is bad for the environment, and keeps regular users away from mining, but I can't imagine a better system for security.
I don't know if there will ever be a point where more than a minority of users will be miners, so I don't necessarily agree this this is a problem warranting a solution. Look up the Pareto distribution and you will see that it is universal that the minority of participants will do all of the work and reap all of the reward.