I'm supportive of updating the logo, but I'm not a big fan of the option offered, and I sincerely hope more iterations are considered.
The overlapping text is very hard for me to read, and the bright colors, bold outlines, and flat even lighting give it a bland, corporate, genAI impression that I find particularly abhorrent.
I'm not sure the original logo is the pinnacle of graphic design either, but it is legible, and it has a very human sense of whimsical beauty.