I actually think that Trek needed more a creative
reboot than an in-universe one. Adventure movies were becoming bigger and bigger in scale, while Trek movies were feeling more and more like expanded television episodes and were no longer drawing the attention of anyone other than Trekkies and general sci-fi fans. It's also possible that while TNG was very successful on the small screen, that success didn't carry over to the big screen all that much and had begun to fade with Insurrection
I really don't think the TOS nostalgia factor was the biggest draw or reason for Star Trek XI's success--beyond Trekkies, I believe the majority of moviegoers were new to Trek or only had a passing familiarity with TOS (at best, they knew the names of Kirk, Spock, and Scotty). I think what really
made the movie a hit was it being just a fun action movie with a likable cast and cool visuals--and that is what's going to carry over into Star Trek XII more than it being a TOS reboot, IMO.