E-Peens aside.
The massively difficult faction leve monster idea would be the best way to do this I think. Instead of having people use the bots that exist to claim monsters and say they're awesome (see Visch) everyone could have access to the monster without "Competition/PvP" and still be wiped out or have the accomplishment of actually being able to slay the monster, with loot being just the icing on the accomplishment cake.
With these forums a nice little poll would be nice.
1) Do you want HNM's as they were in XI?
2) Do you want to use the systems already in place to defeat difficult monsters?
3) Do you want to see a different system entirely?