The token was created as a way to keep the proof-of-work system alive, but it appears that most people are not interested in using it. This is likely because proof-of-stake is seen as a more efficient and secure system, and there is no need to keep the old system alive.
This is not about POW vs POS but about another money grab to me. There is already Ethereum Classic for those who really want to stay with POW and not some newly created token with lots of promises.