That's probably why I could care less about the scene myself. Lol
It's been awhile so I tried to watch it again just now. I'll be honest my first thought was "90's kid's movie song." Lol. To be fair this has never been my favorite scene in any incarnation of
A Christmas Carol. I just don't care that much about Scrooge's girlfriend (except maybe in
Scrooged, hehe).
It is a little strange to have such an extended scene with no Muppets in a Muppet film. And I remember the Tough Pigs guys pointing out that the movie gets repetitive with "three 'pretty' songs in a row." Both are likely reasons the song was cut.
But I can certainly understand that people who grew up with the VHS release would be fond of the number. At least it is on the DVD; some of my friends who are big fans of the movie say that still works for them for now.
I will say, the one thing that I really liked in the scene was Michael Caine's reactions. That pretty much sums up my feelings on the movie in general.