I'm not seeing the appeal of KingCobra. He's just an ugly, disgusting alkie.
Cobes is a sort of "legacy cow". As he is now, I agree that it's hard to see the appeal. His substance abuse has wrecked him in every way. He never used to be anywhere near as disgusting as he is now, he was just this daft eccentric dumbass who would say and do really weird, entertaining stuff, and had a supporting cast of other eccentrics. And unlike many cows, he wasn't utterly detestable. You could see yourself hanging out with old-school Cobes, listening to some music, smoking some weed, listening him tell you all his weird ideas. Not only has his drinking and solvent abuse turned him into a walking biohazard, it has also turned him into an asshole. The fact that he was likeable was part of his appeal, but he has that addict selfishness that comes to everyone who lets getting high dominate their life. People only watch him now to keep up to date on how he is ruining his life and the lives of those around him. You hold out hope that he'll do something funny like the old Cobes used to do, and sometimes he does (such as his relationship with Methica), but those occasions are getting further and further apart. Even I'm starting to tune out now, it started getting more sad than funny a long time ago.
Rackets is similar, actually, except he has fallen much, much further, and his haters used to be his fans. You need the context for Rackets. He had so much, and a lot of his hate-watchers used to really respect him, look up to him even. He was one of the most financially successful streamers on Youtube (in Superchat takings at least), and the Great White Hope of the right-leaning internet. Except that all the while he was trying to appeal to the "based, trad" conservative side of America, he was trying to hide what a complete degenerate sex weirdo he was, and it was this hypocrisy that turned people from fans into hatewatchers. Unlike Cobes, it's hard to feel sorry for Rackets. He's not a moron like Cobes, he's not poor like Cobes, he was educated and successful and he threw it all away to have a gigantic midlife crisis live on air because he couldn't get over his own ego. That's why people watch Rackets' meltdown, it's schadenfreude. Watching Cobes drink himself to death is sad, he's past the point of no return, but for Rackets it's funny, because he could halt his decline if he could get over his narcissism for a day or two, but he can't.