I heard Lutherans speak of the papacy, even as currently constructed, as a symbol of the universal church, something to be revered not by obedience but the recognition of history.
I think a “reformed” papacy is probably not practical to consider, but the idea is a good one.
When I have been with protestants on visits to Rome, I am eager to say, especially if the “catholic stuff” seems to be all they see: “remember; for 1500 years, this was our church, too.”