Just to be clear, I think the story is probably good as a coping mechanism for most kids who read it. I don't think it should be banned, or that it is harmful, or people who have enjoyed the story are damaged in some way.
In many respects it is a valid psychological outlet because of the qualities I outlined. I allows a resolution for the sublimated rage all adolescents feel at being forced to become one of the anonymous herd.
That's why it is still so popular. It's timeless, pretty much.