Look...King Kong has an audience. There are all kinds of people who are into kaiju, and the huge gorilla story is a really good one. But just set your criticisms aside for a moment and think of the possibilities of good television ala Game of Thrones quality or some movie wherein the timeline of King Kong is rewound a thousand years and the following questions are answered:
1) Who built the wall before the island started to sink? What was this great civilization like? I doubt it had anything to do with the savages that lived there in the 1930's version of the film.
2) Was the civilization a stand alone or did it have competitors? Was the island part of a larger continent that sunk beneath the waves? Did it trade with other civilizations like Rome or China (which would have been great at the time)?
3) How cool would it be to see the whole lost world aspect brought to the screen? Maybe there's an explanation as to the effect that creates the permanent mist around the island. Maybe there's a reason why the compass goes haywire there.
When I think about the possibilities of unmined story that are the essence of King Kong, I think that it's tragic that no one is looking into a prequel for this stuff. In the least, it could be a really interesting segway into some Cthulhu-esque territory of Great Old Ones and strange cities populated by beings not from this dimension who built cities using geometry that was very non-euclidean. At the most, it could be a fantastic setting for stories that depict the rise and fall of a great empire trying to protect itself via magic and technology from gargantuan creatures some of whom they worship as gods.
Anyway...just an idea...one that I felt was worth sharing.