The main issue with the bid from ICC is that they don't have any qualifying tournament. They want teams to be selected on the basis of ICC ranking, which is biased towards the full members. IOC wants a fair pathway for all the competing nations and they will definitely shoot down this obscene proposal from the ICC. And perhaps this is exactly what the ICC want.
The sole reason FIFA has implemented rules to participate in the Olympics is because they do not want the Olympics to be bigger than the World Cup and ICC should follow that guideline.
To be very honest, i would not blame ICC if the players are not getting enough rest. Basically there are so many leagues these days and they give good money to the players so every cricketer wants to be part of each and every one of them.
Since they also have to play for their own country, this will make their schedule more busy. I would blame cricketers for being remain busy in playing for most part of the year and not getting the appropriate rest. Greediness of earning money is something to be blamed for and not the ICC alone is responsible for it.