I've never worked in the industry but I've been casually studying about it for the last 10 years or so. I'm well aware of the roots of our current agriculture system stemming from the dust bowl. I've spent a good amount of time trying to understand the history of the subsidies that shaped the Ag industry.
The fact of the matter is that our modern farming practices are way too short sighted. Topsoil erosion is the easiest thing to point to to identify that something needs to change. Things like monoculture issues, herbicide issues, pollinator health, are all things we should take more seriously but nothing is as concrete as the argument that we need to maintain our soil better.
Small scale forest farming practices have shown that there's alternative methods to produce high yields off the same land with better practices. There's a multitude of simple techniques like hugelkultur that seem like amazingly efficient ways to improve yields. Salatin's work has highlighted some potential ways to incorporate more biodiversity on the farm to maintain a healthier long term ecosystem. There's been meaningful traction with hydroponic and vertical farming practices.
I'm certainly no expert in what the actual solution is but whatever we're doing now is unsustainable. Much of it originates from the abused and malformed subsidies that over-emphasize food security over health or environmental issues. High Fructose corn syrup and ethanol being perfect examples of the stupidity of our current strategy around agricultural subsidies.
The government already pumps a tremendous amount of money into the agriculture industry. We should just do it more deliberately and thoughtfully.
Sure, prices or taxes will likely go up. By how much is the real debate but ultimately I'd say whatever the change is it's probably going to be worth it. Modern farming practices is right up there with climate change as an existential threat that we should not neglect and saddle future generations with.