The only way this makes a come back is in a cross over. Rare and Microsoft would never put out something as niche as a fighting game without a significant probability of a return for investment.
Licensing out the characters to Warner Brothers for the cross over would be great for MS but not so much for WB. That is unless they simply reuse the MK9 engine and throw in some KI characters, then they would probably end up plus money. . .
Eitherway, unless they start the process of reintroducing KI to the masses (Through XBLA) then its a losing effort for everyone involved.