It was a winning plot, pulled off by some cutting edge animation (for the time), dangerous wildlife, and America's fascination with exotic locales. As Humphrey Bogart quipped in Casablanca, "You're not very subtle, but you are effective". The same could be said for Cooper's creation.
The movie was a huge success, entertaining audiences in the depths of the depression with escapist entertainment. King Kong has, since this initial success, inspired dozens of sequels in film, comics and fiction.
The backstory of how Cooper created filmdom's most famous monster can be located here, compliments of THE HOLLYWOOD REPORTER.