Hmm that's a tough one. It is clear that the hack should definitely not be accepted for a good while now since there is a new version coming and who knows how many after that.
Ignoring that, one could argue that it should NOT be accepted because
1) you have to really know the game (which not very many people will) to be able to enjoy the run properly (i.e. the action scenes are pretty slow-paced and the run doesn't offer much in that perspective, it's mostly about figuring out routes)
2) there is very much repetition, especially in the boss department
3) it's quite long (relates to #1 as well)
Generally speaking what people probably like the most about this game is that there is so much new stuff to explore and figure out. It really isn't at its best as a TAS.
Then again, it IS a wonderful game and I would certainly watch a full optimized TAS...