The only time Lovecraftian Horror has been done well in videogames was Bloodborne which unashamedly borrowed from Lovecraft with the whole perceiving other planes of existence, dream-states, corrupt townships going bananas and 99% of the time the actual enemy are corrupted humans with big unseen gods pulling the strings. And the designs of actual great ones and their minions weren't just Cthulu clones.
It's a shame Del Toro's Mountains of Madness film will likely never see the light of day because movie producers will only ever greenlight films with marketable monsters that fill up the screen because who needs subtlety when it comes to cosmic horror am i right? people just want to see the big spooky monsters already! and by spooky monsters it's cthulu and will always be cthulu because brand recognition, even though he's a bit of a weenie in the elder god olympics.