There is a difference in time of play vs pace of play and level of excitement.
If they want to cut down on time of play they need to shorten or eliminate TV breaks. Every game is televised and has commercials and the time between innings fits the length of the commercials NOT how long it takes to be ready to play.
They've tried to address pace of play through rules changes. But pace of play and level of excitement at least somewhat counter one another. If you want pace of play then you deaden the ball, increase the size of parks, increase the strike zone and force hitters to put the ball in play. However, 162 Greg Maddux 2-0 or 2-1 games for each team during the year isn't going to be very exciting.
If you want excitement, you focus on how fast a pitcher is throwing, how many K's he's getting, how many HR a man is hitting and the man to man showdown for each batter, hoping for high leverage situations with plenty of scoring. Of course, that may lead to longer games.
The real problem is that the game is now a TV game trying to hold on to the quaint history of being at the ballpark. They have to make the game TV friendly which means longer games and more attention keeping excitement. For those watching on TV, it's too easy to go to something different whether that be another program or just walking away to something else entirely, with almost no loss of time or monetary investment.
With those at the park, it's different. If they don't like what they see, they have to learn to find something to like because their only option is to leave giving up their investment of time and money. There is always a risk that they may not return. But baseball is losing more in-stadium fans to TV than to any diminished on the field product.