I don't really want a Xenogears remake. There are many reasons for this (developers split up, specific PS1 era art style, Square Enix is a dodgy company, etc) but the biggest reason of all personally, the more I think about it these days, is that to me Xenogears evokes a very specific feeling which a remake can never capture.
The mix of pixelated 2D sprites with a full 3D environment and camera, low-resolution textures, yet lots of zoom/rotate camera effects and a painstaking attention to detail in populating the towns and areas with great art direction meant that it create this uniquely ugly but beautiful look which felt lived in, rough, and despite all the fantastical stuff - grounded. The density of the areas cannot be replicated in a remake without an unreasonable budget. Not with the same attention to detail. This is a problem which I feel plagued JRPGs ever since they went full 3D. There just aren't enough resources to recreate the sort of vision they have for these worlds, which they could manage in 2D games or those with pre-rendered backgrounds or fixed/limited camera perspective games on PS1.
To be honest, the only full 3D big budget JRPG I can think of which really captures the sort of feel I'm talking about would be FFXII - specifically Rabanastre. That was so impressive that it killed Ito and Matsuno. This is what technology does to us.