Your last paragraph- exactly. People here have compared GF to The Breakers. Boca Raton Resort. Four Seasons. and the Waldorf nearby.
First of all, these resorts are amazing (never stayed at this particular Four Seasons but it looks great), but I don't know if these same people are realizing their price points. If you do a Breakers type renovation on GF, how much do you think a room will be per night? I can guarantee that it would be at least several hundred more than now. Probably starting at $1k for a standard view. This wouldn't make sense for Disney to do that. They are very different types of vacations. Every Disney resort is casual. You can go to the restaurants after a day in the park. Would anyone really want that to change? Do they want to double the price of the restaurants?
Secondly, I've already said that I don't think GF and Four Seasons are in direct competition, I don't think the Waldorf is either. Waldorf is my go to vacation hotel, but not for Disney. Especially not the Waldorf near Disney property. It's nice, but again, there's no monorail going above the pool, you can't hop on a launch and go to Poly or MK. You have to take a bus if you want a break from the park. And- no view or sounds of Magic Kingdom. The view and the convenience is why I would think most people choose the monorail resorts. Even more so for Poly and GF.
In 2015 we did 15 nights in Florida. Half Disney, half Key West. Disney- Poly, didn't even consider the Waldorf. Key West- Casa Marina (which is a Waldorf), didn't consider anything else. Same when we're in Boca Raton.
A theme park vacation is different. I think people either want luxury and to be away from the crowds at WDW. Or, they want the convenience and views, while at a nice resort with good amenities. I don't think the bulk of people expect GF to be a Waldorf...and I think most, including myself, are ok with that.