by making LoS into a AAA title utilizing other games' elements, the true identity of Castlevania was lost in translation somewhere. As other have pointed out, the game is Castlevania in name only.
Thing is, it's a pretty brilliant riff on Castlevania at most points. It may be seriously flawed, but that didn't undermine that it was widely bought, and, outside of us core fans, it was well enjoyed.
In that same "does it feel like Castlevania" debate that went on for YEARS, someone pointed out that if you took the Original Castlevania, Symphony of the Night, Lament of Innocence, Curse of Darkness, and Lords of Shadow and put them in a showdown of gameplay, you'd have almost no idea they were all in the same series just by how they play -- you'd need the Castlevania branding and story conventions to effectively communicate that, because boy howdy, they don't really play all that similarly.
At their most basic gameplay descriptions, you have
Castlevania is Contra with a Whip
Symphony of the Night is Metroid with a Sword
Lament of Innocence is Devil May Cry with a Whip
Curse of Darkness is Dynasty Warriors with Vampires
Lords of Shadow is God of War with Patrick Stewart
Honestly, the series has jumped play styles a LOT since its inception.
Is Lords of Shadow a Castlevania? Hell yeah it is. There's just enough narrative echoes there to qualify. But it's like Circle of the Moon -- yes, it's Castlevania, but it's also its own self-contained thing; divorced from the primary series into which it doesn't factor, attempting to carry out its own narrative arc (this thread kind of proved it failed though) while not being beholden to anything specific from prior games before.
Lords didn't lose the "true identity" of Castlevania in translation. Castlevania never HAD a "true identity" it
could lose. It's been a lot of things over time, and it really has to be able to change and adapt like that because that's the only way franchises survive.
Now, whether Castlevania survives this current incarnation of Konami is the big question. If, when Konami decides to stop letting the inmates run the asylum, they decide to make another Castlevania, it'll happen. It'll also be pretty good most likely, as a company with an apology to make makes a DAMN GOOD APOLOGY.
But it WILL be different. It won't be what we had before. And that's good. That's natural. If you like what we had before, those games still exist. If you like the style of those games that came before, GOOD NEWS! We have Bloodstained coming and a whole bunch of REALLY AWESOME fangames!
But Castlevania's true identity is that it changes with the times. It's not one thing, or even one thing constantly evolving like other series like Devil May Cry or Ninja Gaiden. Castlevania's life story is one of sudden and violent mutation -- after years going in one direction and steadily refining itself as evolution dictates, suddenly
POW! shifts and changes rapidly into this whole new thing that kind of looks like what came before but not really.
These seeds were laid in the beginning with Simon's Quest and Vampire Killer, and they contribute an inescapable and necessary component to the series longevity.