I think the Elder Guardians have no real reward for the challenge they set up for you. The 3 sponges you can get by their drops isn't that special when most Monuments have a room filled with them. Make each Elder Guardian, upon killed, have a chance of dropping a part of the Trident, which you can put together once you have killed enough Elder Guardians and collected all the pieces.
Along with this change I would take the trident away from the drowned, or at least the chance of them dropping it. The drowned make the Trident farmable, that lowers the value of it. When they're only obtainable if you raid multiple Ocean Monuments you get rid of the farm aspect and make them more valuable and really more of an end-game item.
I got the idea from this twitter post, including a crafting recipe

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