For a while now there has been a public request for the much loved Dino Crisis to be rebooted along with the coming reboots of the insanely successful Resident Evil franchise.
Capcom Vancouver had pitched the idea to their Japan counterparts, even after their mild success with their latest instalment of the Dead Rising franchise had Japan not so keen on the idea. The Vancouver studio allegedly had difficulties already brewing after the release of Dead Rising 2; and the rejection of the Dino Crisis reboot could have been one of the major factors which lead to the closing down of the studio in 2018.
It is possible that the technology needed for the reboot was not available at the time, and it would be no surprise to learn that such an investment would not be viable for something which had previously faded into obscurity. Capcom Japan is currently working on and refining a new engine, RE Engine, and are currently using it in the development of Resident Evil 7. Perhaps if the idea for a reboot was pitched again, it might be considered now, seeing as the tech has been progressed.
Unfortunately, that decision ultimately lies in the hands of Capcom.