So I actually was following this thread from the beginning, and I've been thinking about it for a long time. At first I agreed with adjusting the spear as proposed by
@CleverNickName.
I think there's a lot of value in creating a simple weapon with the Reach property, particularly one that also lacks the Heavy property. I personally don't think small races should be boxed out from having access to reach weapons. On the one hand it makes sense since obviously they are smaller and thus have shorter reach by definition. But D&D combat is an abstraction that doesn't necessarily need to be supported by what we might find in the real world. A small creature takes up a 5ft square, just like a medium sized creature. They have the same 5ft reach as a medium creature. Thus, if we maintain an abstract perspective in Small versus Medium creatures, and considering that being a Small creature does not come with any inherent benefit that might require a trade-off relative to a Medium sized creature, then it seems like giving a spear Reach without also imposing Heavy would open up options for small characters, especially martial builds.
But then as I thought about it, something did not sit right with me as I looked at the spear in comparison with the other simple weapons. It just seemed too good. As someone mentioned earlier in the thread, why would anyone take a quarterstaff when a spear does all that a quarterstaff does and then some? I like the idea of giving the spear reach, but it needed something taken out to balance it. That's when I realized, why does a spear have to be versatile? Using one versus two hands allows the spear to be used differently, but unlike something like a warhammer, I don't see the additional hand being able to increase the force of the strikes. I fully admit to being a layman with martial weaponry in real life, but the examples I see of a spear being used in media show the spear to be different than how one uses a longsword. A guy that starts using a longsword one-handed in one scene may transition to two hands for more powerful blows in the next (particularly if they are angry or becoming desperate). But you don't see someone change grip on a spear to use it with more physical force. The change in grip is all about spacing and angles rather than creating a force multiplier.
I don't know if my second point has any accuracy, but it demonstrates my thought process. I think a spear that grants reach when used 2-handed, thrown when used 1-handed, and NOT having versatile to increase damage when used in 2-hands is the Goldilocks point. Javelins have better range, quarterstaffs have better damage, and spears have the option to provide reach. Keeping a spear at a d6 damage doesn't bother me all that much. And if others believe a martial should have access to better spears, the creation of a martial version (like a war spear) might be the more appropriate option.