I think it'd be better to just write a whole new neo-noir game and market it a 'spiritual successor'.
There's no point in just re-doing the old story with better graphics and a shoehorned-in open world where you have to climb skyscrapers to reveal the map, while clearing drug dens to unlock fast travel points and collecting detective novels and pulp noir comics to unlock the "Dirty Harry" magnum.
I actually liked MP3, despite the shift in setting and (arguably) tone. I was expecting a generic action game, but making Max a washed-up old man was a really interesting take on the "I'm getting too old for this" trope. They went all-in on that trope and pulled it off IMO.
But I don't think they can take it any further after MP3. And a prequel won't really work, since Max is just a regular cop until the events of MP1.