Thackeray in fact was a very well known and widely read author in his time, and was a singular influence on Charlotte Bronte. He was one of the most well known of the Victorian authors, a contemporary and for a time friend of Charles Dickens. Anthony Trollope wrote a biography about him, and while their styles varied it can safely be said that Trollope was influenced to a large extent by Thackeray. For example unlike Dickens Trollope used Thackeray's somewhat common approach of carrying various characters through succeeding novels (although of course Trollope did rather more of this sort of thing).
Now while it is fair to say other than those who have read Barry Lyndon that in general Thackeray's best known novel currently is Vanity Fair, it is also fair to say he is right now not as widely read as Dickens, of course, or of Trollope. But arguably that may merely be a matter of current style, to some extent at least.
But that doesn't really address why Kubrick used the source, or more specifically why we should not criticize him for doing so. Obviously he felt inspired by the work, and I among many think successfully and effectively so.
I think the OP also to some extent contains an implied disdain for adaptations that are not, well, well-known. Is this because adaptations themselves are seen as problematic? I think that is a whole other subject, but unless one is willing to say cinema should not be based on adaptations of works of literature, I am not sure what difference it is supposed to make whether the source is well known or not.
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