At the beginning of the year, I came to the same conclusion, that identifying twice as many observations as I was adding was a good goal. It didn’t take me long to catch up in terms of IDs compared to my observations (but note that I live in New England in the US, where there are lots of iNat users, many making observations of easy-to-ID species).
Sometimes I do IDs in descending order, just looking at everything people uploaded recently, and sometimes I’ll concentrate on one species, IDing everything back into the past, as much as I can. I am aiming for doing 60 IDs a day, every day. Maybe I’m deluding myself, but I think it’s making a difference, at least for those species I can ID.
As for value, I think there are two kinds of value here: First is the scientific value of a large dataset like iNat. For this kind of value, you are right that it’s not terribly valuable to have many observations of the same species from the same small area (a local park, say) within a few days in the same year. I keep daydreaming about a digital atlas on iNat of the flora of my state, Massachusetts, to a finer level of spatial detail than traditional herbaria-based county records. For that, people would need to go to new places more often to make observations. (Please talk me out of this crazy idea!)
The second kind of value is what iNat states as its goal - to connect people with nature. In this case, the more people are out looking at bugs and salamanders and wildflowers, the better, even if all they are observing are the same very common, well-documented species, year after year. But still, even for this second kind of value, making IDs is valuable, as it gives people validation (or maybe a correction) of their own ID and probably prods them gently to go make more observations the next day, the next weekend, the next month.
For both kinds of value, identifying is vital. I try to encourage people to make IDs, but yeah, we all need to figure out how to cultivate more identifiers.