Where to place the Olympics on the tennis acheivement hierarcy is a fairly recent trend. Remember, it's only been a full medal sport since 1988. Olympic gold was always seen as a nice achievement and certainly added luster to a players' resume - but was not seen as the equivalent of a major.
I've argued in the past that there's no way it should be considered a major. My main reason is that the actual nuts-and-bolts tournament is absolutely nothing special - 64 draw, 2 of 3 for the men until the finals, and not even the best 64 players in the world (due to player-per-country limitations, and some voluntary absences). Plus, there's no long tradition of Olympic tennis. Why should it be considered a "major" when its never been the ultimate acheivement in the sport? And why now, in such a short time frame? If its going to be considered a major, shouldn't it earn that status with a lengthier history and further evolution of the actual tournament?
I think Olympic tennis rides the coattails of general Olympic prestige. It was almost inevitable that once it was added to the program, this debate would surface. So many people equate the Olympics with being the ultimate achievement in sports that they never even consider the history of any particular sport or whether there have traditionally been other competitions which define that sport. I'd say "Olympic gold winner" resonates immediately with many more people than "French Open champion" -- thus, Olympic gold in tennis has gained this sort of instant prestige, despite, as stated before, the narrow history of the sport in the Olympics and the total averageness of the Olympic tournament.
But, I think the trend of thinking of the Olympics as a major or quasi-major or at least as "no longer icing on the cake, but actually part of the cake" (and therefore Olympic achievements being an increasing part of HOF, all-time greats, and GOAT discussions) will only continue to intensify. I can already see it on TW, and hear it among tennis commentators and analysts.
My take on the Olympics is that it is truly unique. It can be an elite achievement without being a major. It can stand on its own. I hate the idea of 750 points or any points being awarded because, as we've seen on TW, it makes people attempt to define its importance/prestige through the traditional context of ATP/ITF events. To me, that's stupid. The value should derive from the intangibles that make the Olympics unique - the unique pressure of Olympic competition, representing one's country, being part of a broader athletic and cultural experience, the relative rarity of Olympic competition (and thus the relative elusiveness of Olympic gold). Would these things change if the Olympics were dropped to 500 level? No. Would they change if the Olympics were artifically inflated to most prestigious event by awarding the winner 3000 points?
I can't understand why people can't simply view the Olympics as simply "something else", why does it have to be a "major"? We view the YEC and Davis Cup as elite tennis achievements (and factor them into GOAT discussions), yet don't grant them "major" status. It seems that people think the Olympics must have "major" status to be important. I don't agree. It's can be important on its own merits.