It does make no sense that the UK and France have two seats. France could give its seat to the EU and then perhaps the 5 eyes minus the USA (which already has one) could oversee the other. How that would work in a practical sense might be far more difficult - and the combined economic and military might would still not be that great.
I doubt anyone would want to give a seat to a country that would change the status quo even if it might be "fairer".
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