Cut him, and then what? Bring in a new receiver through trade - how easily is that receiver going to pick-up the new system (ie., the trade one perceived problem for another potential problem scenario)? Elevate one of the existing receivers - if they are so capable, why aren't they on the field instead of Ochocinco (the "there has to be something better on the bench" perception)? Do you believe BB is keeping Ochocinco out there because he likes the guy, that the guy is out there because of an unfavorable/pricey personnel move/contract with embarrassing implications, or maybe he is unaware there are other WRs on the roster right now?
The better question would be what did those people voting to dump him expect to see from Ochocinco, the 2007 Patriots? Welker is tearing it up right now, not the other WRs. Everybody else complements his ability, and is at best second in line for receptions. Gronk has become an extremely reliable target, and Hernandez is essentially another receiver on the field. Oh yeah, and the Pats are trying to avoid becoming one dimensional, and therefore are spending a number of snaps running the ball with some success. Not sure what this better hypothetical receiver would be expected to do in this system, other than to immediately have Branch's familiarity with Brady, which is not a realistic possibility.