You're not getting my point.
If it was a high quality version of the Little Mermaid it almost certainly would be a bigger draw because of the IP. I'm saying if it was like the Little Mermaid ride that actually exists, which is bad and nearly always a walk-on, it would not be as popular as what currently exists at Splash because the quality would be much lower.
The drop is part of the draw, but it's not the only draw. If it was, there'd be no reason to bother with a theme at all -- just throw in a bare bones log flume and save money. The overall quality of the attraction is why it still gets among the longest lines in the park even on days when the water is not refreshing.