it's good to know that I'm not crazy!
PL probably has put a dent in the economy hotel industry, but when I see the success of Holiday Inn and various other "upscale economy" chains I think that Motel 6 has a chance to capitalize on some nostalgia and revive the brand. I personally really like the La Quinta chain and Blackstone has done a good job with it, balancing price and quality to appeal to a wide range of travelers.
A year and a half ago I crashed at a random Motel 6 on a road trip from NY to Miami. There was bulletproof glass everywhere, the clientele was sleazy, and I refused to go barefoot anywhere. The TV was the old CRT style and the covers had cigarette burns all over. So maybe Motel 6 doesn't really deserve a revival