I think archive.org deserves more funding and I also think they need to decide if they're an archive, a library, or a pirate site. Since each has a different set of costs, legal risk, and projected longevity.
For the record my opinion is that they need to focus on archival and with a few tweaks could make it safe for more users to upload more material. Going legit archive (as their name implies) instead of hiding behind the DMCA and playing high-stakes poker with copyright law would also make it possible for more entities to provide direct support.
I also disagree that NARA and LoC is subject to whims of the electorate. The Library of Congress is set up to serve, well, Congress. Who funds it. Lotta barriers to cross there, even in these weird times.
I'll take that risk over one guy with limited governance who seems genuinely surprised that he keeps gets hacked and sued. There's a chance the whole thing goes away because he couldn't resist serving up free Frank Sinatra records and got hit with a $621 million lawsuit after he thrice refused to take the stuff down.