Follow that rather massive thread I linked and you'll see a much better interpretation that I can provide. Basically, no, it's got nothing to do with killing power gamers and munchkins. It's a nonsensical collection of puzzles with no solutions which makes it a very, very poorly designed adventure.Context it's not supposed to be a normal adventure
It's basically a F you designed to kill power gamers and munchkins. Gary used it on people who came up to him with Uber powerful PC or Monty haul type DMs and players. Your +5 weapons and armor won't help much.
It's not a bad adventure at all, it's designed to kill you and be unfair.
Also with players like Kuntz and Ernest they used slaves and summoned critters as cannon fodder it makes sense.
Modern players won't really get it unless they know the context of why it was designed.
Funnily enough though, the munchkin and power gamers, like Robilar, were the ones to successfully navigate the Tomb. I mean, my high level paladin with his holy avenger and psionics (hey, we were like 13 years old, ) steam rolled this thing like it wasn't even there.
The fact that you, in the same sentence say it's not a bad adventure that's designed to be unfair pretty much says it all doesn't it? If it's designed to be an unfair challenge, then it's poorly designed. Well, I guess it's a well designed unfair challenge, but you get the point.
Like Keep on the Borderlands, it's nostalgia and ubiquity that puts these modules in the "greatest hits" list. It's easy to be number one when there's no competition.