We just removed a similar light box in our kitchen! The drywall under it was in good shape except for a few holes, like where the wires came from the attic. We have a rancher, so it wasn't too hard for an electrician to put in half a dozen insulated, LED can lights. I know we got a bargain, but our (licensed) electrician charged us about $700, including removing and disposing of the light box, buying and installing the can lights and dimmer switch, and he also installed an outside spot light and replaced an under cabinet lighting.

I love the change in our kitchen! I just finished patching and painting the ceiling. We didn't go with any pendants over the island. I love the bright, wide open look, and the lights are energy efficient, cool, and dimmable.

We went with a long bendable track led light fixture that allows me to focus the various lights exactly where I need them. With the led bulbs in the daylight white I have a wonderful bright kitchen. I got mine at Lowe's for a reasonable price. Some come with halogen bulbs but can be replaced with led in a same type of base.

https://m.lowes.com/pl/Flexible-track-lighting-kits-Track-lighting-Lighting-ceiling-fans/4294410359

You may be able to remove it and put some can lights in its place.....