If the Wizarding World did that, you would have died in vain, and Harry would have never been born (His mother is Muggle-born), and Voldemort would probably rule the world right now.
If the wizarding world did that then the Dark Lord might never have risen to power at all. He may not have felt the need to, and he may have had a much harder time recruiting purebloods who were frustrated of seeing our society slowly decaying.
And Potter wasn't the only potential chosen one. The Longbottom boy fit the bill just as well.