Depends on what a developer wants to do with the IP.
If it's basically going to be a rethread of the original game with some extra levels, maybe some updated graphics? No thank, because let's be fair, Altered Beast was never a great game, even for its time. It's remembered more for the "Wise fwom youw gwave!" and "buff dudes become oiled-up buffer dudes by collecting balls" things than for its merits as a beat'em up.
On the other hand, if they took the game's concepts as a framework to create something new and better, that could work. Then again, they already tried that on the PS2 and the results were decidedly 'meh'.