Because it's major league CREEPY and SCARY!!

MAGA! FAFO! Schrodinger's Cat walks into a bar, and doesn't. Dumbocraps: evil people who celebrate murder.

People who saw this in the theater back in the day who were in either high school or college at the time are now middle-aged folks pining for their bygone youth that this film was a big part of, so nostalgia is certainly a big part of its cult classic status. Moreover, the enormous box office success of this movie basically beget the whole found footage horror genre, so it's undeniable massive influence on the horror genre is another significant factor in its cult classic status.
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Linda Blair, that’s why.

It made me dizzy. The end the first time I saw it was creepy, though.
If you can’t say something nice, say something clever but devastating.

Yeah, as I mentioned, I do think it was a novelty for the time it came out, and the marketing was brilliant, but as for the movie itself, besides giving me a raging headache and hurting my eyes, I left the theatre so unimpressed.
"Your emotional state is not my responsibility." – Warren Smith

It was an okay film, a novelty, but the shaky cam bothered me. Some scary things, but not terrifying.
If you can’t say something nice, say something clever but devastating.

Go to the comments board for TBWP and read through most of the thread titled The Harsh Truth.
There are posters on both sides there. I tend to side with those who, in order to fully get and enjoy it, believe in totally giving yourself (especially your attention) to the movie, allowing it to take you in.
One even believes in watching it in a dark room. I agree. I do that when watching any movie, and give my full attention.

I touched on that in my review.
https://thecineviewer.com/theblairwitchproject.html
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I've always been wired for unfiltered truth, no matter who it offends.

I watched the whole thing to see what the big reveal was about and I still hated it. I do think the marketing was genius, however. That movie was so hyped up. That was half the problem. I had really high expectations for it. I can't stand found footage movies. I can watch Jason Bourne which has some shaky-cam in it, which is weird. But if the whole movie is like that, nossiree!
"Your emotional state is not my responsibility." – Warren Smith

It left me cold. Never understood what all the hype was about.

Marketing and novelty initially, paired with nostalgia now. It's been years since I've seen it, but I remember liking the concept of it much more than the finished product. But it is better than all of it's imitators.
Draft Barron Trump

You're the infamous Terminator666 from the American Horror Story board on IMDb right?
Voting Reform UK 2029: Make Britain Great Again

Who do you think I am?
I HAVE SHARP TEEF.

I thought you said he did or was this more lies?
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No. Put down the meth pipe, m8.
I HAVE SHARP TEEF.

Kkkkk. But yer cousin did give it to ye up the poop chute right?
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Not a chick, Orsie. Also, try to be less of a mongo. Derailing threads is **** behavior, m8.
I HAVE SHARP TEEF.

Didn't you get molested by your cousin or have I got the wrong chick?
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Didn't it pretty much kick off the 'found footage' genre?
If so, maybe that's why.
I HAVE SHARP TEEF.