We stay at BCV every summer and always spend time on the BW. I had no clue this place was still open until I walked close enough this past July to see the modest poster for the video dance party. Advertising this better, even just in the resorts closeby, could help. But let's be honest, sometimes Disney is okay with letting something die if it will save them money or they have other uses planned for it.
I can't see another restaurant along the BW, even though I would personally appreciate something different. There are already an abundance of options including YC/BC/Epcot. Not sure what else I would do with the space, just hope it doesn't sit there and rot.