Yes, why would they make a new, Bubsy version of Conker when they already have a fully rendered Conker assets from Project Sparks that are graphically decent?
Because they want a cute mascot of their own to promote their new tech, and it was easier to bastardise an existing property they own, making sure to remove all traces of the more risque original with a redesign. No new IP to deal with the logistics and trademarking!