I think the wish-fulfilment point is a good one, but the original film is so unassuming and unpretentious in its telling of the story that it really has charm. The sequels (and the remake)? Not so much. But as I said, Cobra Kai is a good continuation for about three series, until it gets ridiculous. (The plot is resolved once Johnny and Daniel have properly made peace, and everything after that is just unnecessary nonsense.)