The basic problem with the T is that it's a state agency. By which I mean, it depends on the support of the entire Massachusetts legislature, and if you are a legislator representing a district in western Mass, funding the T is a hard sell. Your constituents are going to be worried about crime, drugs, and unemployment, not a transit system that they'd have to drive for an hour to reach. The best you can do is make a general appeal to the Boston metro area as the entire economic engine of the Commonwealth, making its smooth running a win for all taxpayers in Massachusetts. Which, even though it's true, is not going to go over well with the public.
I've thought of one possible solution, which is to dissolve the T, blacklist and/or jail its top management as appropriate, and turn transit operations over to a new agency that's funded and run by only Boston-area communities who actually can point to a direct benefit from T service.
According to the Federal Transit Administration, the Boston subway has a FRR of 74%. This is not the entire MBTA, which would also include things like the bus service (it should not be a surprise to anyone that trains are more efficient than buses).
I'm not disagreeing with you on the premise that the state has mismanaged the T and that it should be turned over to a municipal agency, only that the situation is not quite as dire as it seems. Most other cities in the US would be over the moon if they had Boston-level transit (which, again, is saying something about how poorly the US has managed its transit infrastructure).
I'm reminded of some Terry Pratchett book about the Ankh-Morpork opera, in which the new owner of the opera house asks how they make money, and the manager says they don't--you make money other ways so that you can have things like the opera.
How would they pay for it? It's set up the way it is for a reason.
At least the T put the final nail in Charlie Baker's further political ambitions. Hopefully he'll stay at the NCAA, we're just going to have to ask college sports fans to take one for the team (pun intended) there.