While many CP implementations are flawed, or can be bypassed by a skilled attacker (power glitching, &c), I wouldn't say they are purely theater, as they raise the required investment from a <$10 ISP to $$$+ for something like a chipwhisperer.
It's like locks: Every time a manufacture claims to have made an unpickable lock someone goes and picks it. It's the same for chip security features.
Microcontroller "security" features really are security theater and not actual security. The only real reason they exist is because certain vendors/"big buyers" will require it as part of their parts checklists (which is silly) and it provides a way for chip manufacturers to wriggle more money out of each sale.