Ehh, I don’t believe in a ballad as a first single. EBW ain’t WOWY, and I think an overwhelming number of people would have just yawned at its adult contemporary vibe. If it was the demo version with the electric guitar, maybe you have a better case.
With a band at their age trying to remain relevant and still appeal to open-minded younger listeners, they needed to lead with something energetic and propulsive. The Miracle wasn’t it because it sounded too generic, but Volcano or California would have definitely stood out, each in their own ways, the former a turn back to U2’s earlier years, and the latter a polished pop confection with a great melody. EBW is the “deeper” track you release as a follow-up later in the cycle, like One. They correctly held it back, but the problem was no one cared anymore after the iTunes debacle.