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I've always felt it didn't contribute much. You can game the system for an extremely time-consuming way of very very slightly customising your character, which is just boring, or you can do it for 'fun'. The trouble with doing it for 'fun' is that there are just way too many questions. I'd vote for reducing it to just like 3 questions, so it remains 'fun' without being time-consuming.
Would be a shame to have it disappear completely, every now and then a roleplaying character was fun, even though for most games would go random, was a really unique feature
I don't keep track of the stat changes to character from those questions, but I can say I haven't done the questions when making a new character in a loooong time. Not since like in my late teens are or early twenties, when I think my imagination was stronger and my desire to roleplay was stronger.