There is a huge difference between eating meat from a domesticated cow and drinking the blood of a species classified by the IUCN as vulnerable and listed on Appendix II of CITES (
Ophiophagus hannah (King Cobra, Hamadryad)). "Vulnerable" means that although the species isn't in danger of going extinct just yet, it could head that way if certain human activities continue. Using the king cobra for "medicinal purposes" is one of those activities.
While acknowledging the argument some make that humans no longer need to eat meat (or wear animal products), eating beef at least answers a basic survival need. How drinking the blood of a king cobra does the same is unfathomable to me. It's a totally unnecessary practice. If 90 percent of patrons at these places are Westerners, there's not even any cultural background for it - not that culture is any excuse either.
Go to Bali to see its live reptiles, not encourage trade in vulnerable species. (That's not directed at you Bundysnake - I really don't think sipping cobra blood is what you had in mind when you posted this thread.)