I would argue that gaming is in a completely different place now. Indie games were much smaller then and smaller games were much less accepted. I could imagine that something like a slightly bigger Everspace 2 could work for Wing Commander. Maybe with a bit more focus on the storytelling.Then we get to Arena in 2007.
For a full budget AAA game (without micro transcations), the market is just not there, I am afraid.
I love the prequel idea, which could be a soft reboot as well. But the WC1 reboot is probably the safer bet. I would definitely play a full fledged Wingleader, but I am afraid that this would fall into the trap the Quarto mentioned: This one would probably only get all the hardcore Wing Commander fans. Maybe even less, because it does not have FMVs.If you give me a realistic mid-range budget, I'll reboot Wing Commander I with an engine and style similar to Howie's Wingleader fan project for the gameplay and 1980s anime-styled 2D cutscenes for the cutscenes and talking heads.
I loved Squadrons! Something like that would be awesome, I feel. But then again: It was not really successful, I feel.In some ways, Star Wars Squadrons provides a sort of basic recipe, even though they ultimately messed up.