"No heart" - that's its problem...and its enduring success.
When the film flopped at the box office back in 1951, Walt blamed it on the fact the film had "no heart."
He was right. There is no sentimental reason why audiences should identify with Alice: she is not a princess looking for love, she's not even Dorothy looking to get back home (although there is some hint of that in Disney's version.)
On the other hand, Disney's "Alice" is a parade of fantasy and nonsense - which is perfect for the medium of animated film. All the directors involved were trying to top each other off when it came to being "mad" - which is why the Chesire Cat comes off so brilliantly: he's sooooo non-chalant about being KRAZY.
Later audiences - tired of the "Where-is-Prince-Charming?" plots of classic Disney films (don't forget - "Sleeping Beauty" in 1959 lost a TON of money) appreciated the all-out whimsy of "Alice."
The hippies LOVED it - what with Alice ingesting mushrooms and a caterpillar that smoked a hookah that emitted pastel balloon-letters!
"Don't call me 'honey', mac."
"Don't call me 'mac'... HONEY!"