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Well, to be fair SNL has outlasted all of it's competition combined. Yes, they've gone through periods where their cast and writers were subpar. But overall SNL has become an institution that has yet to be seriously challenged.
SNL became an institution long before it became the lackluster show that it's been for a long while now. It's known now more so for what some of its cast members have accomplished AFTER the show than during their tenure. The Simpsons is still on, but who's really checking for it like that anymore? lol. When they finally decide to shut the doors on it, some people will start getting all nostalgic and claim that these last couple decades were "underrated". That alone will be funnier than any joke or skit they've written the last 20 years.