Another option, if it’s a receiver on a relatively popular vehicle, is buy another OE hitch. Craigslist or junkyard. Been a while but I’ve had luck finding them that way and they’re almost worthless so will be cheap to purchase. I’ve actually tossed a couple new hitch receivers in the garbage because no one would buy them for $50. In the last 25 years, it is rare that a full size truck or suv doesn’t come with a receiver so the market is not there.
Takeoff hitch = cheap + time to swap, typically with hand tools. Some trucks you have to lift the bed up a bit though.
Weld reinforced plate is cheap if you have a welder and can weld but a 5/8 drill bit isn’t.
Drill larger hole = easy, if it lines up afterwards and you don’t break your wrist and you have a 1/2” drive drill. And that only works if you have. Tube hitch. Solid draw bar will not drill out easily.
5/8-3/4 “ bits are $50 or more
Typically this problem is more of just an annoyance. A lot of trucks with wallered out pins
2016 Ram 2500, MotorOps.ca EFIlive tuned, 5” turbo back, 6" lift on 37s
2017 Heartland Torque T29 - Sold.
Couple of Arctic Fox TCs - Sold