Exactly, they could turn this into a beautiful destination with parking etc. Charge a small fee to pay for maintenance, close after 6pm. Everybody is happy.
They could. But that's not the point for the residents. They don't want that, either. They want secluded peace. Next to a world famous tourist attraction. They don't want construction, they don't want traffic. They'd gate Hollywood Blvd if they could to stop people even getting up the first of the streets towards the sign.
The problem is not providing better access. That's what the populace might want. The residents, who are already happily interfering and obstructing, illegally at times, don't want that, and certainly don't want the idea of 'night access'.
The problem is providing better access without limiting access for the police or fire men.
So you need to provide a parking lot and a dedicated trail to make sure people can reach their goal (seeing the sign in person) without going through the neighborhood itself.