I've honestly never understood it either, even though I think the original was one of the best attractions they've built. I certainly like Figment, but he was never a major draw.
I've pointed out before that (at least for me) Figment really only works well with Dreamfinder (doesn't have to be Dreamfinder specifically; but any similar character). He feels like a complementary character -- a new Imagination attraction that heavily features Figment but doesn't include some Dreamfinder-like figure to help frame Figment will probably be a miss again, although it could still easily be better than what currently exists.
I'm guessing it's just a combination of being a small purple dragon and love for how good the original ride was, although the latter obviously doesn't apply to people who never rode the original.