I've never heard of how this is belittling Taoism but that doesn't mean what you say isn't true I have just never heard of it. In Buddhism no one talks about the Monkey King, only Master Xuan Zhang because he is a Buddhist Master and did a great deal for Buddhism. During the same time period in China however is the story of Master Shandao who was the Incarnation of Amitabha Buddha and he is the reason for the "Golden Period" in China because during that time many people in China believe in Pureland Buddhism and recited the name Namo Amituofo because of Master Shandao which is why today many people in China still know this as a greeting but it's much more than that but even most of China lacks the real history of why they have customs like this. Stories like this, Master Xuan Zhang, Bodhidharma are all fascinating. The most recent Master that falls in this category is the Venerable Master Hsuan Hua who like Bodhidharma brought Buddhism here to the west in America.