It's not just an airline, It's Israel
I would suggest the question should really be "Is there any reason to fly El Al if you are not Israeli?"
The answer? Probably not.
It's an issue that El Al is clearly aware of... The slogan of the company: "It's not just an airline, it's Israel". They must realise that their airline isn't amazing, that the security is cumbersome and intrusive and that flight times aren't exactly convenient for everyone. But if you're Israeli they want to use national pride to encourage people to fly the flag carrier.
For non Israeli's you are probably going to have to rely on some bargain air fares that the company floats around from time to time as the carrot to fly them. In the UK, the competition is stiff - Fly BA and get far better service. Fly Easyjet or Monarch and get a great fare. Choose any alternative and avoid the tough security regime (And let's be honest on this point - whether you argue that you feel safer because El Al take security 'seriously', that is still no excuse for the rude, abrupt and abrasive manner in which their agents carry out their duties).
El Al have their work cut out for sure.