I think they should try to drastically improve it and bring it back for the PS4, but I can't really think of what they should improve because the last time I played PS Home was probably 2011, maybe 2012 at latest but that's stretching it, so I don't know how much it changed over those years.
A lot of the rooms based on Sony games or IPs such as Sully's Bar, Motorstorm, Locoroco, etc were all really cool and being able to play certain games or do certain things to unlock new clothes and items was really cool as well. Going to places like the main plaza or bowling alley and just goofing around and dancing was fun as well.
I mean, they must have been making money on it to be keeping it running all that time, right?