I think SpongeBob’s currently experiencing a renaissance in popularity; men in their 20s and girls in the 16-25 age range in general have been bringing the show back to early-2000s levels of love. Aided by those demographics, I can imagine a Bikini Bottom land opening and doing exceptionally well at first, but I wonder for how long that would last.
Personally, I’d rather they keep the deal they have right now with the Hearst company and try to exploit the more “exciting” characters in their library; I’ve expressed a lot that I’d love to see more love shown for the likes of The Phantom and Flash Gordon, but they also have entertainment rights for Cuphead; depending on projections of returns on that franchise over time, I’d be interested in an attraction taken from that IP.