My understanding is that while the US losing her carriers at Midway would have allowed Japan free reign in the South Pacific for a few months, that was already the case for anywhere that all 6 fleet carriers showed up. Nothing the US had - combined, worldwide - could match those 6. Killing the US carriers at Midway was just to turn it from a 6v3 to a 6v0 - instead it ended up 2v2, but so goes war.
Japan invading Hawaii would have caused a famine if they succeeded - it'd be even harder to keep supplied than Midway, but with dozens of times the population.
In my opinion Midway marked the turning point of the war in the Pacific, but that turning point was inevitable as long as the US could credibly say "we're going to commission 6 fleet carriers with a full suite of aircraft over a 12 month period". There's a great video here [0] that illustrates the differences in production over the course of the war. For instance, the US commissioned 17 fleet carriers and 9 light carriers from 1941 on - Japan commissioned 7 and 1, respectively.