I think it's mostly the older generation that mocks it, while the younger crowd is obsessed with the wild goose/ghost chases (exceptions exist of course)
Reason likely is that the old crowd knows how many thousands of CMDRs and Ships ventured virtually everywhere without ever finding as much as a breadcrumb. Not even an old wrapper of a RAXXLA candy bar.
I sometimes think RAXXLA is Thargoid language for "self-propelled hype".
On a more serious note, if you observe how benign (underwhelming) previous discoveries were...
Whatever RAXXLA turns out to be, it likely won't ever - not even remotely - be able to live up to the hype that has built and mutated over the years. Especially not since it's supposedly V1.0 content (said to be in-game since the launch of the Game).
Now sit back and consider what type of placeholder content we had back in V1.0 (especially on the Exploration/Lore side) and carefully think about how big of a thing it could possibly be with such harsh restrictions.
PS.
At bare minimum, it'd have to be i.e. a gateway to another Galaxy - where the Player could locate and dock at an abandoned Shipyard and gain access to an experimental or alien/hybrid Vessel.
Currently couldn't come up with anything else that'd be worth the titanic efforts many Players have already put into it.
Still, it's kind of a sexy idea, gotta give it that.
And if there's no other motivation or inspiration left to check out places in the vast Galaxy, even something like RAXXLA will do just fine