They absolutely could have replaced both BatB and VotLM with spectacular new shows featuring top-quality sets and amazing special effects, which could have really drawn people over to them. Instead, they did nothing with both shows. (Maybe Disney’s analysis concluded that people will attend the old shows if the park is crowded and they’re looking for something to do, so it won’t accomplish anything to replace them?)
On a different note: I agree with
@PorterRedkey that Parachute Drop is a suboptimal attraction, but, with four slightly-shorter-than-the-Paris-version towers at the opposite end of TSL from GE (they could have configured SDD differently to accommodate this), it could have been a decent-capacity addition that avoided the sightline issues and fit aesthetically/thematically in TSL (even if they shouldn’t have built a land where an amusement-park-style ride would fit, they did, and I do not think adding Parachute Drop would have somehow made TSL aesthetically/thematically weaker).
The other thing they can do to add a little bit of capacity is add something of general interest to Pixar Place after the Incredibles event ends. Even if it’s a temporary quick-fix to the area, that still opens up some additional “walking space” in the park (compared to closing the area off and making it backstage again). Personally, keeping it as Municiberg seems fine to me, but maybe there’s something that would work even better.
Finally, why not convert Launch Bay into an explicitly “behind the scenes” exhibit space, with many
actual props from the films? That would draw over lots of the Star Wars fans who are visiting the park for GE. To many of them, that would be as exciting as GE itself.