Coming up with the clever algorithm to solve a problem is what is fun
Some important distinctions to make are between coding, design, and production, all of which are parts of the experience. Maybe the point of graphical programming environments isn't only to cater to the pure programming experience you're talking about, but also to give people the opportunity to experience the fun of designing, and seeing their ideas come to life.
As a kid learning BASIC on TRS-80, I did not care in the least about coming up with a clever algorithm. Deciding what to make, creating it and seeing it work was the fun part. For some people, the clever algorithm may indeed be the only fun part of programming, but for me (even now, as an adult and a professional programmer) there is a lot of satisfaction to be had in the design and production parts of the job. Coming up with clever algorithms and solutions definitely is fun, but so are the other parts.
You're essentially arguing that the process itself is all that is, or should matter to people, but I think that misses an important part of any creative enterprise.
Also, as a kid, that sense of "wow, I just made this computer do something it didn't before!" was a pretty rewarding feeling. I think new programmers probably still get some of that.