I don't use it because I'm pretty sure people would look down on me if I did. Got enough of that, thanks. However, I think it has attitude, and it establishes a sense of place and cultural identity.
I don't think we need to make it gramatically correct, because we don't need it. We already have "am not".
But I do think we need a second person plural word, like y'all, because there isn't one, unless you count "thou", which just makes you sound Amish. "Youse guys" just makes you sound... something... and nobody says "you lot" outside of Harry Potter movies, so y'all addresses an actual deficiency in the English language.