I'm more in favor of new titles, rather than making the requirements harder. I am also not a big fan of giving out titles to juniors for winning what amounts to a class tournament.
FIDE Title Devaluation

Ultra Master!
How about Extreme Master! After all, everything is about extremes nowadays.

The title of grandmaster was first used in 1907 at the Ostend tournament. In 1914, Nicholas II, the Czar of Russia, conferred the title 'Grandmaster of Chess' on Emanuel Lasker, Alekhine, Capablanca, Tarrasch, and Marshall after they took the top 5 places in the St. Petersburg tournament. These are the five original Grandmasters.
Just last night I was reading the chess.com series of articles about Frank Marshall, and ran across that!
A GM should say "This isn't even my final form!" and then they become a super GM.