So something I'm wondering is why flanking is always associated with an increase in attack bonus or adjusting the attack roll (usually via advantage). But in essence, flanking is a strategic choice the makes characters working together more dangerous. I don't think this needs to be via adjusting the attack roll. Both AC and HP are abstractions that represent an opponent's capacity to continue fighting. We generally accept that AC represents the ability to avoid taking damage, while HP represents how much damage you can take, but it doesn't have to be this way.
So in a game where bounded accuracy is important, and any bonus to attack or gaining of advantage can create huge buffs, flanking is a no brainer. So how do we create opportunities for flanking that make it desirable without making it so great that it would be foolish not to flank?
Well, what if instead of adjusting the attack roll, we adjust the damage? It could be a static +1 or +2 to damage, or it could be an additional d4 to damage. This also opens up options to increase the flanking bonus for each additional creature. Maybe you get a +1 bonus to damage for every ally attacking the same creature.
This also means that those attacking from range or splitting up to attack something else don't lose as much compared to those attacking while flanking.