Lost it? No, I don't think so.
My middle school is the only one in the county that does not do science fair. Instead we do Invention Convention, where the students, in groups of 1-3, invent something and present it.
The other schools in the district do science fair, and some seem to look down upon us for it. Some of those same teachers, though, are complaining about how the projects seem to be getting worse and worse in quality every year. Are you seeing the same kind of thing?
If so, possibly talk to the other teachers (but only if you think it would do any good) about doing something different for a year or two. You could talk about how science isn't just science projects that are the same year after year.
The only negative thing I can really think of is that some of my students who might be interested in entering the competition of the science fairs don't get the chance to do it. I still give my students the option of doing a science project, but it is after the science fair dates for the county.
I'm interested in what you are going to do about this. Please let us know!