There's something to be said about bringing back a classic series.
With DKC Returns and Tropical Freeze a team of devs from Texas-area, and Japan created a reboot of a beloved Brit-born series ... many fans would say the were successful.
Still -- it's not all about IP. Many here love very similar things about the DKC and Banjo games, but they are entirely different worlds/characters, and are now owned by different companies. What connects them is a common developer.
(Yeah, yeah: DKC and Banjo do intersect in Diddy Kong Racing)
We all have IPs and franchises we love, but we also have also authors, directors, and game devs who create works we love for sharing a similar 'soul' or 'spirit.'
Yooka-Laylee is not the third Banjo. However, Playtonic's new platformer *is* the next in a lineage that began with DKC and Banjo.
For me that's more than enough ... and it will have to be because Microsoft would not part with Banjo for a hefty price.
And Rare certainly wouldn't. It's their baby.