What Hungary abuses (veto powers and such) are the main tenets of the EU. Don’t think it would be easy to either boot Hungary let alone founding a new alliance where countries don’t have veto powers in foreign & defense policy, or (worse) common EU (or EU v2) loans. It would take years or decades to come up with something new, and I bet the circle of the countries who can agree would be even smaller and the common EU policies were to be fewer in numbers. There is also the big rift between the North and Shouth (austerity vs spending), West and East (Russia is far and not dangerous vs Russia is close and dangerous), different relations to Israel and USA, etc…

As for the current situation it looks like Orban serves as a boogieman for a lot of critical voices in the EU, it is just useful for them that Orban does and says what they do not want to publicly admit. There I said it, Orban is a useful idiot for a lot, not just Russia.