I think the Olympics is the pinnacle aim for competitors of being successful in your event.
They spend years preparing for it, and gives the more minority sports their day in the spotlight.
Football, just like some other sports that have been included in the Olympics are not the pinnacle of that sport or event.
Its not taken seriously, because the World Cup and the European Championships etc are THE competitions to aim for and the best players take part in. If counties cannot have the best in the Olympics then it shouldn't be in the Olympics.
I never watched football, and I'm a big football fan. But I watched shooting, rowing, athletics which I'm not normally a fan of generally.
Keep the Olympics for the best Athletes of each Nation, not token gesture teams like football.