Ideally any upgrading should also include O/H electrification from reading to Basingstoke, and Basingstoke to Exeter, and further electrification to link Exeter with Bristol so both maIn routes to Exeter can be operated by 800's and duel voltage EMU's possibly using an adaption of the 800 class that can run on 3rd rail as well as overhead, to operate Waterloo to Exeter, some GW services could run via Basingstoke and terminate at Bristol TM, or continue on to Paddington, some SWR services could extend to Bristol, before returning
Ideally, but not being electrified hasn't stopped the redoubled Chiltern line going from strenth to strength.
I think you need to check your history. The "West of England" Line was built by the L&SWR to compete with the GWRs services to Exeter & Plymouth. The L&SWR eventually had a double track main line from Waterloo through to Devonport (Plymouth) Kings Rd station principally for the maritime traffic. The line also served several single track branches through to small resorts on the South Devon Coast and the Atlantic coast. This included several once a day portion operated (some only seasonal) through services.
After World War Two the maritme traffic from Plymouth Vanished because of the introduction of commercial aviation and a huge reduction in the naval traffic.
This didnt leave enough traffic to justify 2 railways beyond Exeter and the main line was closed completely beyond Lyford along with most of the Atlantic Coast and South Devon branches. leaving what was essential a branch line service beyond Wilton. In the 1950s and 60s stations like Templecombe typically only had 3 or 4 down trains a day plus milk and newspaper trains.
I'm well aware of my history.
The South Eastern and the Chatham main lines were built to provide a railway for the continental traffic to Dover.
That's only a small part of why they have been main lines for the past 150 years.
The "not leaving enough traffic to justify two routes West of Exeter" is part of the ideological viewpoint of Beeching/Marples/Fraser etc. It shouldn't be regarded as an objective absolute.