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The problem is no one is ever going to put in the work and prep production effort that Jackson and his team did. It could be made better and more modern, but will it in our current environment? No, all the practical effects would be replaced by CGI, all the armor and costumes for the tons of extras would just be CGI, the extras themselves would be CGI, and it probably would be packed with meta commentary and jokes. Just look at The Hobbit compared to Lord of the Rings. It doesn't work without all the effort and pre-production, and I don't think we're getting a studio to ever make that bet again. It was pure luck we got it the first time.