It has nothing to do with how great Pakistan is in Cricket. Cricket is not included in Olympics 'cause of following Reasons:
First of all cricket is not a global sport, there are just twenty countries taking this sport seriously. To be included in Olympics the game should be globally popular.
The One day games takes almost seven hours to complete, and a ground being held in reserve for one full game is preferably not suited for Olympics.
It involves lots of outlay as new stadiums need to be set up.
When we weigh against a football match, football matches are less time consuming than cricket matches and moreover it is exhilarating to watch football matches than cricket matches as cricket is not globally popular.
Sometimes one gets a feel that the sports which are popular in European countries are given top priorities.
Out of the major eight cricketing nations only Australia and England are considered to be the big cricketing nations, the other Commonwealth nations doesn’t have enough funding or infrastructures to make the game big at Olympics.
Non-globalization has made the game dear to subcontinent nations only. the propaganda and the push to advertise the game is not done by rich European and other western countries.
10 test playing nations and ICC is exercising caution in upgrading the status of more countries so as to maintain the quality of the game.
Points which favor the game to been seen in Olympics are
New Twenty – Twenty format gets over in 4 hours.
The pace of the game makes the adrenaline rush equivalent to a high speed hockey/football match.
Around 111 countries are playing cricket now, however only 10 have come to test playing status and 16 are holding ODI and T20 status. Thus about 90 countries are progressing fast to reach that status.
ICC attempts to allow new nations to play in the world cup and T20 world cup formats is a encouraging sign for other nations aspiring to join the elite test playing nation soon helping in globalizing the game.
The ‘think tanks’ in BCCI has made a major effort to put things in the right place to join Olympics with the advent of the new format T20.