MercurySteam still needed to allot considerable quantities of time and resources to the production of MoF-HD, even if it's no more than a graphically updated port.
Of course, a direct console translation could certainly cut costs compared to a full remake, and it might turn out to be an intelligent choice for MS to rake up whatever remaining sales they can muster.
But all in all, this effort seems less than essential, especially when the focus of both MS and the media lies on the LoS sequel. For one, I'm not sure if there will be enough of an audience for it. An enhanced version of MoF is most likely to appeal to those who appreciated it in the first place, but they aren't as numerous as Konami might have hoped. As for the LoS console gamers who hadn't the opportunity to test MoF, their numbers are even fewer, and there's no guarantee they'll enjoy a 2.5D spin-off as much as the original. So I'm not sure to what extent they'll be able to profit from it.
And for the PC port, it certainly seems far-fetched...