I really liked the PS Home when I was younger, I was around 14 - 15 when it came out, and I spent quite some time in it even though I hated how slow and not ergonomic it was.
I didn't have money for a lot of games back then so I was trying almost everything that was free on the ps store. It might sound weird today but back then, each thursday evening was a little hype moment for me, it was the day of the PS Store update, so I was always excited for new demos and stuff.
All of this to say that the ps home being regularly updated free content played a huge part in my interest in it, I was always interested in seeing the new maps / environments, the little events etc. It's also important to remember that there weren't free to play games like today before, I don't even know if there was any F2P at all on ps3 outside of PS Home, I don't think so.
I don't know how it would be today, everything is different, I probably wouldn't have been as interested in it, I can't really tell, but I know for sure that despite its flaws, I had some great moments on PS Home, I met some PS friends there, it was nice to chat with new people, I also didn't have a PC so I couldn't play MMOs etc, so another reason for my interest in this special virtual social experience.
I also spent TON, but really, ton of time doing out of bounds glitches, it was my main activity on the ps home for a long time
I always liked seeing out of bounds in video games, getting out of maps etc, and the PS home had ton of environment and various mechanics to trigger various out of bounds exploration. I had many friends on the psn with who I played on the PS Home just to do out of bounds stuff together, always checking what could be done in the new environments, and you could see everyone in the server trying to do it at the same time, it was really fun, even if it might sound weird to some people I guess.
Anyway, it was a good experience and I have a lot of very good memories from it, but like many have said, it's a product of its time, and like I described a lot of various elements in my life made me appreciate more that I would have in a different context I think.
It could be remade but I'm not sure if I would like it in this modern time of social medias etc, it wouldn't be the same atmosphere.