Yeah, but they weren't responsible for the placement of it.
When the hat was originally conceptualized the ears were going to be movie reels, that would have also doubled as Ferris Wheel's. It was going to be at the front of the park, but park ops didn't want it. Instead merchandise said, "we'll take it" and so it becomes a pin store. To me, the placement of the hat is a bigger issue than the hat itself. If the hat was out in front of the park, I don't think anyone would care.
I agree with the opinion portions of your post (I had never heard of that original intent or the ferris wheel thing, so I won't agree or disagree).
It's a cool icon and fits with the theme of the park. Fantasia is a classic Disney film, and DHS is a "film studio". However, putting it right in front of the Chinese Theater was a completely irresponsible decision. That building was amazing, and they devoted a LOT of resources into replicating the original theater exactly. I'll never forgive them for the placement of the hat.
If they just want to move it somewhere else, that would be fine. I still think it's a far more impressive icon than....whatever the official icon was before (the Earful Tower?).