I think it doesn’t really matter how old the Kybalion is, or even who contributed to its most recent versions.
Human beings are flawed and evolving. No book is going to change that.
At the same time, principles and practices exist that can facilitate our deepening and development. That’s going to remain as well.
In a traditionalist context, people who want to appear authoritative claim that their ideas are very old. It was common to attribute ideas to some respected elder or mythologized source of the past. In those contexts, doing so makes you and your ideas appear more legitimate.
In a modernist framework, people who want to appear authoritative claim that their ideas are very new and are supported by the most cutting-edge, data, research, and scientific investigation. In those contexts, doing so makes you and your ideas appear more legitimate.
There are various other strategies that are used to bolster validity claims. And as long as there’s a way to appear more legitimate and valid, then there will be people who use that way.
The question is: ‘What works?’