I don't know, E76. I suspect you are mistaken. People create art with the materials that they have available to them. But then, most of us aren't artists. I am probably not even a serious photographer, despite the fact that I shoot all formats and every kind of film from 8x11mm to 8x20 inches. But I have an SX-70. I'm happy to be able to use any instant film I can get for it. I got some great photos of my dog tonight, an old girl, and I fear she won't be with me for much longer. I'm going to treasure these photos. I like photography, even when it's not serious.
I wouldn't say that Impossible film is an "imitation" of anything. I think they are doing their own thing, marketing to the hipster / Lomo crowd. It seems to be working for them. I'd like better color, sharpness, and saturation, but I'll take what I can get. It can be challenging to get what I consider a "good" photo with Impossible film, but I like a challenge. Go browse their galleries. You will find at least some photos you consider good, imitation film or not.
For every serious photograher who won't consider using a crappy approximation of today's decent films, I bet there will be 50 casual photographers who will, if that is all that is available to them. The serious photograhers can go explore digital, if that floats their boat. Ugh. I can't think of anything more lifeless and boring.