I'm glad it exists because it's a good place to learn to be dissatisfied, to find out what else you want in your life. It's comparable to why people flock anywhere in terms of ethnic identity. The West Village is a safe harbor, and it's sad that a lot of people drown there. There's a pioneer spirit in the East Village which enables you not to be a clone, no matter what you do or who you are. You can practice being yourself.
Stimulation is still an open thing.
Of course, there's a financial distinction. The West Village is more expensive, but the people who live there are more into making it financially than pursuing their own creativity.