Playing with friends is critical.
How about this...me thinking out loud here...what if a region lock is a soft lock? That is, you queue in your closest region (which is selected by default and can't be changed), perhaps expanding in search to other continents you have checked based on how long you've been waiting in queue. Sounds like a rather hard lock, right? Well how about this solution to friends: if you join a party with friends, you queue in whatever region they are in. The party leader status and region overrides your local soft lock.
The benefit seems clear: If a Russian or Brazilian or Chilean wants to queue USE/W, (s)he can so long as (s)he has a friend in the region (who is actually in the region) to queue with. The chances of someone not speaking english in this scenario are minimized, meaning less games where people can't communicate with each other. Or those of us in the US can play with our homies in the UK on EuroW. It means everyone will have a reliably good pong since the default and strong preference of the search will be around the closest region to them. The concern of not being able to play with friends is eliminated. And so is the burden parties queuing USE from the Phillipines creates for unsuspecting Americans and Canadians is slashed.
The drawback is that you can't queue off of your continent as easily. You need a friend who will be be party member where you want to go available. I've only done this a few times in my 3,000 matches, but I can understand this being inconvenient. I have a friend in India who queues EuroW because he only speaks English and this would be a hit to him, as he would now have to wait for a EuroW friend to come online to play there where now he just solo queues it at will. Furthermore, if you don't have a friend on another continent, it will become more difficult to get one: you'll have to get those friends through partying with other friends. This also doesn't do anything to help regions like Europe where several languages are spoken (where here in the Americas, there are really only 3). I consider these outliers, though. For the vast majority, this would be a major boost to their overall experience.
Now tell me the fatal flaw, GAF.