I like going to theme parks, I treat myself to one “premium” season pass a year (DL, WDW, Universal Orlando.) The year I have the pass I go 5 times and go to the park 5-6 days. Even at its high cost the Magic Key works out to $53 a day for a park hopper.
Economically it still makes sense to buy the Key, and I argue is still a pretty good deal, at least for me. When it stops making economic sense I’ll stop buying (and switch it up and rotate which parks I go to every trip for the variety) but until then I’ll keep buying, I still come out ahead if I bought different media. The fringe benefits (discount of food, hotels, etc) are just icing on the cake and don’t factor into the decision.
That said, I’m not average and with Keys now taking more then 2 2 week trips I would not advise anyone not local from buying one unless they plan on 3 trips in the year.