i can remember reading some interesting approach by iteratively approximating the curvature with few CPs. here smarter-rebuild-nurbs-curves-and-surfaces the definition was unfortunately not posted, maybe @maje90 would be so kind?
simplifying higher degree Curves other than circles or lines is something which should be natively implemented into Rhino, i am sure thats on the wishlist of many. other software packages have “simpler” rebuild functions either.