Twenty-some years ago, when it was still alive, this was known as the "Beehive Tree". On the far side there was a clear view of both Geyser Hill and down basin as far as Daisy.
A number of people, including me, would sit here when Beehive might be due. t was shady in the afternoon, unlike many other places you might want to wait, and back then the NPS generally didn't herd people down to the overlook when the Indicator started. If you got there early enough, you could also park your vehicle nearby in the Inn parking lot.
Of course as in so many places, new trees have come up to block the views, but what killed it? It's been suggested that the water from Old Faithful runoff on the right, has percolated under the walkway and has drowned its roots. It may also be that all our sitting at its base exposed the roots enough to make it susceptible to that runoff, too.