I have a somewhat different take.
Volcano Bay does have big, unique standout attractions: three of the tallest waterslides in North America and Krakatau, which is one of the best aqua coasters anywhere. Additionally, the double wall of Honu and the drops on Ohno & Ohyah are pretty unique and good elements as well. I'd hardly call the ride collection "lackluster" compared to most waterparks in the US.
I'll admit that VB is missing some slide types, but most of the other water parks in Orlando have similar gaps in their lineups so that shouldn't be a huge factor.
I almost feel like the initial perception issues, tapu problems, and capacity struggles have made them feel like they can't actually promote the big rides and park for how great they are, and that has resulted in the park being perceived as mostly just an add on for guests who are already at universal rather than a standalone attraction.