But again I ask....If I were to just put a couple of made up names/addresses in there....likely I wouldn't get caught.
Just because you didn't get caught with deception at the time, doesn't mean they wouldn't match the deception at a much later date. How risk adverse are you?
Under the Immigration Act 1971, you wouldn't get Settlement back if citizenship was removed, which would leave you with no way to live in the UK lawfully as you wouldn't get another visa.
Under the Immigration Act 2014 and 2016, Illegals have their bank accounts closed, their driving licence removed; can't work, can't rent, have to pay for their own healthcare at 150% of the cost. Or, under the new laws, the UK doesn't have to give advance notice that they are going to lose citizenship and can just wait until they exit the UK and then get the immigration officer or Embassy staff to retrieve the British passport when they try to enter the UK as they no longer have British citizenship.
There are no human rights to a family life in the UK; Article 8 does not allow a couple to choose the country they want to live in. You wouldn't be able to show that you and your wife couldn't have your family life elsewhere as there are no insurmountable obstacles to you living US: it's not a war torn country and the US has better healthcare than the UK .
US citizens are no longer allowed to claim asylum in the UK.
The referee part of the process is.....in my opinion.....stupid, and just adds an layer of annoyance that doesn't do much.
You don't have to ask to be a British citizen. You can continue to live in the UK on your ILR.