When it comes to making modern versions of older game styles people generally expect them to modernize the game. This does not mean change it completely, it means keep the good components and fix the issues that the games had, many of which were due to technological limitations at the time. There are great examples of older game Genres being brought back to life, like Super Meat Boy for old school 2d platformers (https://www.youtube.com/watch?v=EfrvpJSenko
). When it comes to reviving a popular game genre, you already have a very good idea of what makes for good design and bad design, all you have to do is follow the blue print and fix the few problem areas. Playtonic did not do this.
Its basically a late 90s era platformer with all of its faults. The few innovations it attempted to throw in have been criticized. For example they tried to have a large open world sandbox (with consequentially fewer levels) like alot of games have now but people are unhappy with it, saying its too big and empty and too difficult to get your bearings and figure out where to go. 3d platformres always had a large number of smaller, more compact levels and that worked very well, no need to change what was working. Then there were obvious problems like the camera that werent really fixed, and combat.
Combat had been very basic in 3d platformers due to tech limitations, but now we have many games with good combat systems. Just putting in a little effort to make a decent combat system would of improved on the genre massively compared to the 90s games, but they kept the same primitive combat from the 90s. Combat basically just consists of spinning into mobs that mindlessly run right into your attacks. There is also the issue of having to backtrack after getting new moves to solve problems you encountered that had required those moves. Rare has been critized for the past 17 years for having back-tracking in some of their 3d platformers, and here they are making the same mistake again. If all you wanted was a 90s platformer in 1080p, the remastered xbox 360 version of banjo kazooie should be close enough.