I used to watch it when they held it after the Super Bowl, simply because it was the last opportunity to watch football for another six months. Now that the SB players aren't playing, it's not even really an all-star game, and there's a meaningful game next week. Add in the fact that the Pro Bowl is a vanilla game at best - no motion on offense, no blitzing on defense, etc - and the players are focusing on not getting injured rather than competing for the win, it's pointless to watch.
And now, with one or two upstart leagues launching this spring, there are many more opportunities to watch football. Sure, it's not NFL-caliber football, but neither is the Pro Bowl. At least the upstart teams will be competing.