The original splash Mountain was wonderful, because it was a long ride, with a story, and a lot of animatronics.
They could have re themed the original ride using all the original animatronics and scenes. Just a non IP new story. Some of their best attractions over time were none IP. Expedition, Everest, the haunted mansion, pirates of the Caribbean, Spaceship Earth and all of the original Epcot rides, Space Mountsin etc.
But Disney only does IP these days. This case is like what Paramount used to do, with little consideration for the cohesion of the park.
This installation hurts the cohesion of the park. Because of the placement of big thunder, Mountain, it splits Frontierland.
Converting all of Frontierland into New Orleans would be another mistake. Frontierland is a wonderful feeling area of the park.
Additionally, this seems to be a half budget makeover of the ride with less animatronics and more screens