To be clear: DW and SDC both had nearly identical waterboggin rides installed in the 80's. SDC's version received an "upgrade" around 2003 or so to make it wilder and wetter. This apparently caused a lot of problems and led to its removal. DW's is still the original concept.
It's kind of frustrating to see the tower sit there in limbo since it kind of hurts the ambiance without any purpose, but it's another one of those things that's not worth messing with until they need to.
I don't think the tower will be used per-se for a new attraction, but I could see a family coaster winding around it at some point. Sort of like how the old Adventure Mountain towers are now part of the Firechaser Express theming.