I was absolutely obsessed with SR2 as a kid, replayed it so many times.
I think they could and absolutely should reboot it. The lore, the characters, the world was really something else. I think if they were to revisit it and utilise modern advances to really go HARD on the atmosphere and world design, it could be amazing.
The Dead Space remake is a perfect example of this. It’s stayed mostly true to the original and used the new graphical and lighting technology available to make the environment and atmosphere so much deeper and more immersive. I’ve heard the RE4 remake also did it well but I’ve not played it yet.