I think there is very much a reason for reworking a PS2 game. LOI and COD had a lot of potential (like most CV games) but they do not take it far enough. Visually a lot of the areas in the those games were redundant and could have used a more vibrant facade and definitely more variety. Maybe if they gave it a woman's touch
?
Both games did have a woman's touch in them. Or to be more specific; all the pretty boys that were featured in the official art. CoD was much too saturated with it

What was needed (as you mentioned) was sharper graphics, much, much less repetition (CoD especially), and much more platforming (again in CoD's case).