I've no stake or opinion on the latest GoW having not played any GoW in YEARS, but panning out, I think there's a case for either mindset. Personally, in the age of gaming where we've seen more than our fair share remasters and reboots, I tend to lean more pessimistically towards development started with "another God of War" (primarily) with just enough changes to make it feel different (secondarily.) I.e.: They started where the money already was, and trekked off in a new direction, like a pirate burying his booty 10 yards away in his backyard as opposed to burying it far away where no one would suspect to look for it.
When I talk about "risk," I'm talking about integrity: can we make an entirely new IP and have it stand on its own merits? I think they thought they couldn't, or at least it wasn't worth the risk when they were sitting on a cash cow in the age of "again, not new."
Again, I've no opinion on a game I've not played; I'm speaking from orbit. If the new GoW is a good game that harkens back to past success in name only, if they shelved so much of the spirit of the original vision of the characters involved, it should, well, I would prefer it have been tried as something entirely new if I was a fan of the original GoW games (which I'm not.)