Well, like I said some reboots do work and GOW is a good example. I think the difference with GOW is that while it's an old franchise, there have been only 3 GOW games since the ps1.
Not really taking a side in this argument but just wanted to clear up some misinformation.
God of War has had 4 mainline entries since 2005 (near the end of the PS2 era) when the first one came out.
- God of War (PS2) in 2005
- God of War 2 (PS2) in 2007
- God of War 3 (PS3) in 2010
- God of War (PS4) in 2018
But in addition to that it has had 4 side games.
- God of War: Betrayal (Mobile) in 2007
- God of War: Chains of Olympus (PSP) in 2008
- God of War: Ghost of Sparta (PSP) in 2010
- God of War: Ascension (PS3) in 2013
And this excludes the numerous re-releases and remasters.