I didn't know how to react when I first saw this, but I have two minds about it:
First, and most importantly, the freakout is bordering on pathetic. The amount of conspiratorial thinking, the notion that Disney is doing this as a "knee jerk reaction" to protests that began this summer when plans for something like this don't just happen at the drop of a hat is ridiculous. The number of people claiming that those who care about systemic racism or social justice are "mobs" or "easily angered" or something, yet who are spending their time here slamming their fist on the table, ranting and raving over a ride at a theme park is incredibly saddening to see, and makes me reconsider visiting here regularly. You want to talk about "privilege", I'd say the embodiment of privilege is treating a re-theme of a ride as something to get furious about...or inevitably freaking out at me because I dared to bring up the word "privilege". Projection, pot-kettle, you get the idea.
The reality is we don't know what motivated this decision; there has not been some kind of major social media movement to change Splash that's gained any kind of mainstream traction, the ride is considered an unquestioned staple, etc. If there were people upset by it, maybe it behooves us to hear what those who are upset have to say? They might have lived experiences and backgrounds that we're not familiar with, and we might learn through communicating that their point of view is one born from a legitimate desire to see changes, even small ones, made to try and create a world with more positive representation for traditionally marginalized communities. Maybe we won't agree on whether this is an avenue by which to do so, but it pays to listen. Plus, again...there really hasn't been any kind of large-scale outcry over Splash to begin with, anyway, so I think a lot of people here are constructing a straw-boogeyman they can tilt their lances at.
That all being said: the main reason I'm not too enthused about this is the same reason I'm not very enthused about a lot of what Disney's doing of late in the parks, the simple reason that recent experiences don't fill me with a lot of hope that they'll handle this in a way that'll be superior to the version that came before.
I've always viewed the Orlando version of Splash as a sort of fun descent (ascent?) into madness, starting with the early fake-out drop and relaxing float through "How Do Ya Do?" with the start of Brer Rabbit's journey, only for things to start feeling more chaotic as we get to "Laffin' Place" with all the weird colors and laughing voices around us, culminating in the vultures insulting us as we climb towards what must be our doom...only for the freakout to end with a fast comedown and exuberance with Zip a Dee Doo Dah. That's always taken the ride to another level in my book, just that general feeling of progression.
Will it be recaptured if it's themed after a story taking place after the end of Princess and the Frog? I don't know. It's entirely possible it'll be great, but I've had to face the music in recent years that, even at 35 years old, I don't feel like current Disney really creates a lot of experiences that I'm very excited about anymore, and the last few times I've been to WDW I've been more focused on things that have been there for a long time. So, no, the news doesn't fill me with hope insofar as my knee-jerk reaction is to think the ride won't be quite as good as it was before.
But on the social issues front? I don't mind it. The origins of the Uncle Remus stories is complicated, to say the least: yes, they have their roots in actual black American and African folklore, and Joel Harris likely had mostly positive intentions when he put them together as a book, but to this day many people, including African American academics and those with an interest in the history of these stories, are still split on their ultimate legacy and whether they are more positive or negative, and those are the voices I'm most interested in hearing from. If Disney's feeling is "the debate and conversation is too divided, it's best we change the ride to just avoid it altogether", I can't fault them that; then again, Disney's feeling might simply be "Princess and the Frog is an IP we can still profit off of, while Song of the South has mostly been relegated to the vault, so let's try and cash in", which is definitely more cynical (though not unlikely), but, again, is up to the people in charge, whether I agree with them on the whole or not.