I mean, 20 years ago it was a great deal. Now, it only is if you’d be staying at deluxe resorts anyway. They're not trying to compete with people staying at more affordable hotels. At least for me, I spend little to no time in hotel rooms when I'm at theme parks compared to say a beach vacation where much of the experience is the hotel/condo/resort you're at.
Lots of people instead use DVC points on DCL, but that's a horribly inefficient way to use points.
It just doesn't appeal to me because in the unlikely chance I'm staying at a deluxe resort anyway, it's generally for a weekend trip rather than for the parks themselves, but those visits are few and far between compared to me just visiting family in Orlando or staying at a more affordable place like the Shades of Green or off-property.
But again, for people that routinely stay at expensive on-property resorts it can still be a solid option, but you trade with it flexibility, and I love me some international travel to theme parks and random countries like Greece or Vietnam.