Considering that no new developers fully understood the Silent Hill games and always wanted to re-create the second game, a new game would just be redundant or moot.

I think we should leave it alone and we should enjoy what we had with the games. Why is it that fans always want more, even after the story had ended? Look what happened when you wanted more Silent Hill: it literally spawned four games that neither expanded on the arcing narrative nor gave any real creativity to the game.

Origins didn't really add to the narrative. It just added unnecessary changes and told us everything we already knew from the first game.

Homecoming had the cult, but it had little to do with the original cult rather, they expanded further on the Brethren than the cult in Silent Hill. Either that or tried to push aside the original cult to make room for their version of the cult.

Downpour wasn't Silent Hill at all. The nightmare world didn't seem organic like the original ones, there was no cult, and it was trying its best to be the second game. It literally said that Silent Hill was a living, breathing thing that sends monsters after you if you disobey its purgatory rules.

Book of Memories was just a cash grab dungeon crawler.

Silent Hill isn't about a protagonist sifting through their demons to reveal a death or some macabre truth, but a nightmare anyone can share. Notice how a majority of the original games had you going through someone's nightmare because the creators understood that the fear of the unknown and what's far scarier than going into someone else's nightmares.

It's about the occult and spiritual power being corrupted by the cult. I know fans don't want to hear that, but that's what all four games are essentially about. It's not about the people who go on their own respective journey, but how the spiritual power taints the real world into a corrupted nightmare.