From a gameplay perspective, larger oceans make sense. Players move faster in boats than on foot, so the current oceans feel very very small. Having more water than land is also results in more realistic and Earth-like maps.
An ideal map should have a number of very large continents surrounded by interconnected oceans with scattered islands around 100-500 blocks across. This would create a better experience for players because there's a greater distinction between "Land" areas of the map and "Ocean" areas with islands to explore. In contrast, today's terrain generation feels like a series of large lakes.
Obviously this is a large change to world generation. As such it might be best to implement it as an alternative world type so that old maps remain compatible with the new version of the game. This change really should have come with the 1.13 ocean update, but it's never too late to improve!
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