Yes I think the Jersey Shore should be rebuilt and no not because of the show. It is a historical part of Jersey and it is important to the community there. I think it would be a good opportunity to bring more business to the area. Redesigning instead of replicating would be a good idea.
While the Jersey shore is perhaps not in the ideal place with all the recent storms (and the unfortunate tv travesty sharing its name..) it IS still a prime piece of real estate. In this age of economic turmoil, we need more jobs and more places to live and derive joy from life (even if it's just by laughing at someone's fake spray-tan) not fewer.