Last months GLP has been maxxed out most of the time so even though some complain, there are clearly users willing to pay current fees. As many have pointed out, a big part of GLP success was attracting big sticky liquidity with high APRs compared to other farming opps, this should be also the case with v2.
On very rough numbers, 72% of total fees in Arbitrum were accrued due to the 0.1% fee on opening/closing being the other 28% due to the borrow fee mechanism. So lowering the base fee to 0.05% for all the volume could mean losing 1/3 of fees per unit of volume traded. Adding the effect from the funding fee balance it could even mean halving the fees per unit traded.
On the other hand, I understand that to attract certain players fees need to be more competitive with other venues, that is why I believe could be helpful to implement a fee reduction system based on the 30d volume traded and amount of GMX staked, similar to what most players in the industry are doing atm. The more you trade, the less you pay per unit.
Personally I would not try to compete on fees so hard till needed, because that is a one way alley that usually drives fees to zero, erodes margins and effectively kills the pricing power of the protocol going forward. Best to compete on liquidity & security imo.