I don't think so. First, IEEE has many non-US members who need this sort of central organization to do the job of, for lack of a better phrase, "reputation management", e.g. senior members, fellows, etc. Such things are taken into account when asking for grants. For students, IEEE is an excellent mentorship organization.

We don't want IEEE to go away, we just want it to see the facts about academic papers on the Internet and change its ways.