PACELC is an improvement over CAP in some sense because it is a finer-grained characterization of distributed systems, but it still suffers from the problem that the stated properties are too strong. As Kleppmann explains in the article, there are systems that strictly only fulfill the partition tolerance part of the equation, yet are still very practically useful. This is because while they may not satisfy strict linearizability and availability, they have softer guarantees (e.g. defining "availability" as "99% of requests complete in 1 second") that we can rely on in practice. This reasoning extends to PACELC as well.
I am inclined to agree with Kleppmann. CAP, and by consequence PACELC are useful mental models in the extreme, but their characterizations are really strong. It seems to me that e.g. probabilistic guarantees based on actual failure statistics are much more useful for the real world, because they aren't as strong as CAP/PACELC guarantees.
Edit: I am also not sure if I agree with calling CAP "dumb". It's a very useful theoretical result in a particular model. I think the problem is when people try to extend the implications of the theorem beyond the restricted model it operates in.