There's just no reason for it anymore. In the past, it was an honor to be selected, and it was a way to showcase the best players at each position going against each other. It was also a way to earn extra money for the players.
It's no longer an honor to be selected. It's not a way to showcase the best players, because the best players aren't there and they don't want to go all out against each other. And who can blame them? And as far as money, the best players make so much that whatever they'd get from the Pro Bowl is tiny in comparison. So the whole premise of the Pro Bowl is gone.
The NFL seems to want it to be an entertainment event, but entertaining for who? Not for the players, just for the fans. Why would the players want to do any of the alternative things mentioned here?
If they want to continue some sort of entertaining event before the Super Bowl, it has to be torn down and completely redesigned.