A bit exaggerated. I just can't see how building more of a ride people enjoy is a bad thing? They are trying to shorten the wait times and provide the experience for guests that only get to attend one park. It also helps everyone by providing more mild experiences for families easing the load on other attractions.
And WDW has done this with other more sophisticated attractions. Every park now has a 3-D immersive movie experience. Those replications ensure that even single day visitors get that experience. Turtle Talk and MILF are based on the same technology and much the same type of attraction, and I wouldn't be surprised to see versions of those shows pop-up at DHS and AK.
And in reality how different are RnR, SM, and BTM? Yes they are all radically different themes each with their own eccentricities, but their initial complexity gives Disney a bit more to work with. Dumbo is so simple it would be hard to do more than change the appearance.
It really comes down to Dumbo is simple technology that is easy to build, maintain, and retheme, that pleases a large portion of visitors. So why not replicate it? It's not really drawing funds from other resources, there's no R&D. I bet it cost less to build another spinner than it does to refurb Splash or Space Mountain.