As someone who basically knows nothing about this but what is in the article, the Maori sound like they have the right idea to me.
The Maori version of the original treaty seems very generous and would make sense to most people how it was written. How anyone would believe the British version was legitimate unless it was signed under coercion or misrepresentation makes zero sense.
Despite the bill being highly likely to fail, many believe that just by allowing the bill to be tabled in Parliament, the coalition government has ignited dangerous social division.
That they are protesting even though the new bill is unlikely to pass seems very smart, given what is going on in other parts of the world and how manipulation by governments works in history. By entertaining it as any form of reasonable proposal, it gives it credence, no matter how small, and each time it is suggested, it will be normalized a bit more, and they will pick up another supporter here and there until they can pass it.