It’s not bad; as a matter of fact, it got rave reviews from the few test audiences that went to see it. Someone claimed it was the best animated & live action film since Who Framed Roger Rabbit?.
But the studio had to decide between gambling that it will do well with the general public… or a guaranteed $30M in tax write-offs. They took the sure thing instead of the risky thing.
The reason we have so many remakes nowadays is because feeding off nostalgia is a guaranteed win. Original films are a gamble, and studios would rather put their money on a sure thing than take the risk on a new original film. Warner Bros. is just a little too nervous about doing more original ideas, so they’re more willing to shelve films for the tax money than risk audience opinion.