I’ve been thinking a lot about this:
What parts and pieces the LEGO company should revitalize in the future?
Would you prefer if they either remade them with new but similar molds or directly redesigned them in 1x1 identical designs with some updates?
Feel free to pick any part(s) from any building system(s), but only choose elements that fit into a currently utilized platform by TLG.
(So, don’t choose Znap or Quatro parts, please!)
My first pick would be this one:
This ball-socket connector, paired with the upward-facing cross-axle connector, would be an excellent addition for MOC builders in modern sets! 
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This could be an interesting thread! I agree with your pick, it would be a very useful piece even in today’s non-constraction sets.
Here’s some that I would like to see return.
The entirety of the Power Functions system. It was affordable, super easy to use, reliable and didn’t need any app or smart device. Luckily they’re still easily available on the secondary market for good prices, but I feel like Lego could’ve just continued making these without great financial loss, maybe as a cheaper, more beginner-friendly alternative to the Powered Up systen.
This is just a personal preference, but I love how the old Technic panels (pre-2008) look. They have all kinds of holes and grooves in them that are probably offputting to many, but I prefer the look of this over the new, flat designs.
Those two immediately came to mind, I’ll come back later if there’s more (I swear there’s several old pieces I use all the time but can’t think of right now).
But let’s get real… While it’s basically impossible, there is one whole array of parts that we’d all like to see return…
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Friction extender
Don’t know why they discontinued it to begin with
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I’d agree with this, but I think the reason they aren’t made anymore is because the new joints are never in situations where more friction is necessary. I’ve dealt with them and they are surprisingly sturdy, and they’re either on very small figures or they’re doubled up on large figures.
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Yeah, that would be great indeed!
Although I’ve never built anything that would’ve required the use of these parts, I do recognize the benefit and importance of this system for those who need it for their Mocs. 
As for the older style of Technic plates:
I can see why you prefer these over the recent ones, but I find the recent ones more charming.
They’re sleek, smooth, and have better connection point locations, IMO.
(That said, I do miss the more experimental nature of Lego in general.)
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I actually think sometimes the hero factory friction sockets are too strong and more of a hindrance than help and one of them on the right heel Kopaka Master of Ice 2015 caused his foot to crack
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Both would be nice on certain sports car sets. The vents would be useful on doors, etc.
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Point taken! 
I could see these larger panels with that one intake hole on top perfectly fitting as doors on a 1:8 scale supercar model.
However, that hole on the top should be redesigned to a Pin or cross axle hole to be more versatile.
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I got another one:
A new version of this, or a similar-looking one would come in handy, especially for adding smoother more “human-like” muscle details on the Marvel system Buildable figures.
(It could be used on the thighs and maybe the biceps areas.)
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