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Let me enlighten your minds with the truth:

* Japan - The series is kept alive by the Japanese support, although it is getting more support from the West.

* The Japanese gamers prefer mobile. Monster Hunter will most likely go to mobiles after 3DS is dead/replaced, unless there actually is a deal between Capcom and Nintendo.

* There's a substantial amount of new content with each upgrade or new game. There's also new gameplay elements that have been slowly integrated to the existing formula.

* They've been using the same engine or kept the graphics almost the same since the series' beginning. Generations is probably a quick cash grab to support the following main series entry's upgrade to newer systems/better presentation. These games are so big in content, that upgrading to more expensive technology would be... Expensive.

* "If it isn't broken don't fix it" - The formula works as it is, most people don't complain/want it to change drastically. Underwater combat wasn't exactly very well received, what happened? Gone in the next main entry. Jumping was well received, what happened? Back in Generations.

In short: The majority of the fanbase doesn't want the series to become something very different, but small changes have been made and not everything was well received. Capcom has been able to keep costs down by not upgrading to newer engines/hardware, but it is interesting to wonder where or how they'll move the series forward after 3DS bids farewell. My money is on phones, but hopefully either Nintendo or Sony will get them to stick with dedicated gaming hardware.