Yeah, and? Hundreds of zoos don't have rides and seem to do great, just as much as there's other "SeaWorlds" that have a ton more rides and seem to do great, too. There's no rule for what exactly to do here - not all hotels need to have pools to be successful just as much as not all cars need four doors to sell well. But keeping with the car analogy - if i'm going to build a 4WD, I expect it to have a 4WD engine, not something out of a Corolla that's underpowered and not what I expected or paid for.
That's Sea World's problem - from the perspective of either a day ticket (where you're paying the same as Dreamworld or Movie World) or as a season pass holder wanting to get a full day's worth of fun, it doesn't stack up compared to the other parks anymore, and it's compounded by the fact that for the longest time it did. So many things have been pulled out and either not replaced or have been filled in with cheap alternatives that hyper-focusses the product to such a specific age group that it alienates others.
Continuing on that thought, the mentality of "competing against your own product" is so, so fundamentally flawed that it's a big contributor to why Village are so far in the hole, in my mind. It's like saying you don't need Paradise Country because you have animals at Sea World, or you don't need AOS because there's a stunt show at Movie World, or Movie World's kids area is okay to be left half-arsed and shitty because Sea World's is a bit better so they should just go there. If your products can't stand on their own feet, they're probably shit.
It's how Dreamworld have managed to stay competitive - they've got a great full day product whilst every other park is still, at best, a solid half day product. It's not a hard thing to fix either - Village just needed to maintain what they had in the first place (cough, Skyway, cough Vikings).
If their products can't stand on their own two feet as diverse & quality day experiences worth revisiting then as a park owner you're going to fail on driving revenue because there's no reason for guests to come back, and that's where the money is. Funny... other theme park chains have figured this out and they seem to be do fine.