While the Beetle does have a lot of personality, it was first and foremost an entry level car. Hippies didn't drive it because it was cool, but because it was cheap. This heritage seems to have been largely abandoned.
In many ways I regret that Volkswagen ditched completely the original form factor. The original bug was cramped and is even more so now that we have taken to super sizing ourselves. It also was less than ideal when it came to safety. When I considered buying a classic Beetle my father said that I would have to have some sort of crash cage installed.
But this small light form factor could fulfill many of emerging markets for cars. With new materials the same general car could be much safer. It could be configured in radically different ways. An uber economy model could be made for sale in the United States as well as in developing markets. Electric and hybrid models could be made for the environmentally conscious.
The new Beetle certainly has its place. But I believe there is a good argument for bringing back its older brother.