Your point is well made and represents the views of many people - many of whom skip the attraction on their visits because it really IS boring by the standards of every era following the 1970s. (I have 1983 photos of bored friends to prove it!)
But your point is probably the reason it continues to exist. Tony Baxter has gone on record many times saying don't remove something unless something else will replace it and we haven't seen anything to replace the Tiki Room , so Disneyland might as well leave it alone. In my own personal park-going experience, it has not drawn large crowds so isn't much of a crowd eater except on possibly the busiest, warmest or rainiest days.
My own opinion is that the Tiki Room should be relocated to a museum with the explanation, "these were some of the first audio animatronics ever used in a Disney park." That could be quite a "get" for some museum somewhere and people could manipulate controls to make the birds move their heads and open and close their beaks, but not be subjected to the 17 minute show. If that were to happen, the show could live on in our hearts with some tracks included in the background music of Adventureland and its restaurants. That would probably be enough for most.