Once upon a time, a long time ago, in a world... in a land... there was a zone-specific Looking For Group channel. Then Blizzard saw fit to make it realm-wide so that no matter where you were -- whether questing or gathering or hanging out in big cities -- you could have a channel to make group requests to anyone in your faction not in an instance.
The unintended, though easily foreseen, consequence was that Barrens/Elwynn chat spread to all zones like a plague. And Blizzard took it away, eventually, claiming that it was adding functionality by stuffing it in their new (at the time) LFG functionality. Some protested and created their own LFG channels, but most were satisfied to keep it in the big cities and take it to Tradechat, transforming it forever.
Blizzard has tried to clean up Trade Chat since then. They created the Guild Recruitment Channel, which was supposed to take recruitment spam out of Trade. But it only turns on automatically for unguilded characters, therefore preventing guilds from luring already guilded players away from their current home. And now they've brought back the Looking For Group channel, at least to the big cities, in the hopes of taking some of the group chatter away from Trade Chat. So far, I have yet to see it used.
Well, other than the time I used it...
I said "boo".
No one answered.
I suspect there is nothing that can be done to save Trade Chat. The damage is done. People are comfy there. And why split your requests across multiple channels when you can just use the same one for all? I submit that Blizzard should just change it to City Chat or Horde/Alliance Chat and be done with it.
Is the Looking for Group channel being used on your realm? If so, for what? Are you using it yourself? And if not, why not?