As well as fiddling around with who can get and how they get UK citizenship, it would be a really good idea to look at what you should require UK citizenship for.
And top of the list is donating to any political party. That should only be possible for a UK citizen. And the amount donated reported to HMRC to make sure that any "gifts" are taxed appropriately.
That's it. No need to overthink it.
There should also be a mandatory period between application and acceptance of at least a year if not 5. Mandatory as in everyone. No matter how much wonga you wave. Because we know that the Musks of this world would buy a passport tomorrow as things stand.
Personally I would also look closer at our laws on treason too. Currently they are grounded in an era when few could easily work across borders without considerable resources. There is a clear distinction between a UK citizen who just sounds off in a foreign bar and a UK citizen who is actively assisting foreign citizens interfering within the jurisdiction of the UK.
And yes, I am thinking of our very on Lord Pub-Bore Nigel Farage. The man with(out) the German passport. The mussels-what-are-they? from Brussels. However I am sure there are others that could be considered.