The thing about Bionicle is that it was nearing it's end, both in terms of profit and in terms of story. LEGO couldn't let go of it, however, and, while trying to save it, they it ended with a flop instead of a bang.
I could never handle another failure. G1 did something nothing else could ever do for me. It's the sad truth, G1 was special. The only way it would work for me is a direct continuation. The issue is, I can't image it feeling the same after all of these years.