As you can see, NFL and MLB are ranked much above the EPL.
True. Popularity matters more though. Soccer unites the entire world where as sports like NFL and MLB unite the local states of USA. Global popularity trumps local popularity any day.
For sure cricket is the second most popular sports in the world and 30% of the world population is located in India, Pakistan, Bangladesh and Sri lanka
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Global is global at the end of the day(Doesn't matter if it's 1st world or 3rd world countries). There is a reason why Cricket has been listed as the 2nd most popular sport on Wikipedia.
My opinion is that the ICC should focus on the format which is less time consuming, more revenue generating and something which can attract new fans. And that would be the T20 format.
This has always been something which I thought of ever since the T20 format was introduced years ago which is why I completely agree with you here. The popularity of Cricket would probably soar drastically if ICC stuck to this single format in the future.