Nothing fills a fan of a classic product with more dread than hearing that it's "new." It's more than 30 years later and the world is still taking shots at "New Coke," for example.
Really, it's just a way to call attention to the fact that something is trying to live off the past reputation of a previous product that people really enjoyed. Sometimes a substitution works, like swapping out David Lee Roth in Van Halen and replacing him with Sammy Hagar. Sometimes it doesn't, like swapping out Hagar again and replacing him with Gary Cherone. Or, to bring it back to wrestling,