While true, I think we got a couple of years where B&T really shined.
The year they were doing The Hunger Games parody I remember being a particularly good year.
I think if they ever revisit the show, I think maybe leaning more heavily on the choreography and lighting packages would help.
I also remember a couple of years where the presentation was just so top-notch that you really didn't care as much if some of the jokes missed.
There's definitely an audience for that kind of humor, you need not look any further than the continued popularity of South Park and shows like American Dad or even Family Guy.
But even South Park is leaning more into creating more fleshed out stories based on the things they parody and poke fun at. I think that's the key for the modern audience.