I think it's rather foolish to cling to tightly to the existence of anything, especially when that thing is owned by someone else, and that other person doesn't see value in keeping the thing alive.
In any case - there's a very interesting discussion on Quora titled Why is Google killing Google Reader? (with luck it'll be public) This discussion gives some great insight into why Reader's head is on the chopping block.
Going by an answer given by someone who identifies himself as the former Google Reader Product Manager, the reason behind Reader's death is: Several years of poaching members from the team to build OpenSocial, Google Buzz, and Google+. Secondly, there was a redesign of the Google Reader UI that ditched "sharing" features in favor of Google+.
That last point gutted the usefulness of Google Reader for some purposes. The loss of useful functionality meant the users wanted to go elsewhere, and usership dwindled.