But what they should've done is leave Saints Row completely alone and made something else.
Well, Agents of Mayhem, but you already know how that went.
The sad reality is most (western) gaming studios don't have luxury like Blizzard, Riot and Ubisoft being able to make different games (genres/series).
For a few reasons like:
Devs move on whether they burn out of creativity and would like to make a different game, but fanbase demand or prefer devs making same game "again and again". Death of Runic Games, and smaller RTS game studios like Petroglyph and Eugen Systems.
Or you have like culture change overtime, like pretty much any AAA game studios right now and along with horrible from upper management. Like Bioware and Anthem, whatever happens with Vampire The Masquerade Bloodlines 2, depends on people see Cyberpunk 2077.
Maybe combination with both above, some old devs may leave studio to make a new one or just retire. The old people that matter help/make series well aren't there anymore.
In before, Ubisoft open world games meme, they still at least have R6 Siege, For Honor, Just Dance, Riders Republic, Anno and Settlers. Maybe Homm
A couple of outstanding exceptions like:
Super Giant Games and Lucas Pope (Papers, Please and Return of Obra Dinn).