See this is where I think a radical misconception is occurring. Both Michael Bay and Roland Emerich have real strengths to story writing that get over looked.These movies are simple but honestly, sometimes i like and need simple movies where you can turn off the brain for 2 hours, enjoy the 'splosions and at the end tear the movie apart ( which is why Michael Bays' Armaggeddon is one of my favorite movies)
There's a certain variety of intelligence that is unique to them. Obviously it isn't found in a movie like transformers, but if you look at ID4 and Armaggeddon there's some real strengths that you don't get elsewhere.
ID4 is notable for its cross class mosaic. You get people of all races and classes depicted on screen in a way that feels balanced. You have the MIT grad, Vietnam war vet, president, solider etc all in the same plot. And it's done in a way that seems relatively well done. Obviously there's a number of flaws in that structure, but the point is you get a real human story with the full range of experiences.
For all the crap of ID4, the lead is interesting, he's a person who's chosen a life of mediocrity, his relationship with his wife and father is very compelling. He's incredibly gifted but is more interested in biking to work than working at a major engineering firm. To me that alone is enough to carry the movie. I imagine if it were a modern take, he's just be some self absorbed "genius", who rambles about global warming while driving an suv.
Will smiths character is raising someone elses kid. Has a relationship with a stripper. Has real personality quirks and it creates the energy behind the arrival of the aliens. His dialogue at his girlfriends home is beyond epic. His relationship with his friend is surprisingly compelling. The whole scene where is friend finds the wedding ring has real substance in my opinion.
The president himself again has all these layers. He isn't just the president he's a failing president. A president few people take seriously. He's a person who wasn't prepared for peace time presidency, he looses his wife, etc.
Finally you have a veteran suffering from ptsd and alcoholism. You have his family trying to cope with his flaws. And you have a society that treats him like some alex jones loving leper.
This is a complex world that is simplified to be watchable by children. In contrast most films nowadays you have a simple world that is being presented as complex.
Again you see similar themes with Armageddon. You have a group of independent contractors. They have technical know how, the characters have depth. As in they have back stories that you could imagine filling a full movies worth of content. The people feel real even if it is a cartoonish environment. While obviously there's a ton of scientific flaws, you feel like you're connecting with something deeper.
In short if you rebooted these films there's a ton of things to work with. In contrast most films would require a complete rewriting of characters and plots if you were to do a serious reboot.