One thing worth taking into account is that there are a number of other more specific programs within EA, such as the Forethought Global Priorities Fellowships and the FHI Research Scholars Programme.
There might be room for more such fellowships and other specialized programs, but I think it's important that that doesn't happen at the expense of existing more open-ended programs. Otherwise there is a risk that good projects become underfunded; because they don't fit any of the specialized programs.
I'm strongly in favour of creating a fellowship with a fancy name and website in order to allow people to build career capital; or at least make accepting these fellowships not a step backwards. EA Grant doesn't exactly sound prestigious.