Macabre
Your Friend and Mine
The franchise was done for if not for DmC since the people who made Devil May Cry 2, 3 and 4 didn't want to do it any longer. Without Itsuno and Kobayashi leading the helm; without Bingo writing; without Shibata composing; and without the original programmers, art directors, etc... Devil May Cry 5 would have essentially been a reboot anyway since it would have been nothing like the original Devil May Cry nor the three sequels that came after it.
Not necessarily. There have been examples (albeit rare) of IPs being taken over to entirely new development teams who preserved the original style and intent of the series while still elevating it to new heights. Legacy of Kain comes to mind; when Blood Omen went gold, Eidos insisted on moving the development to a new studio who could take the existing universe and make a game to compete with Tomb Raider, thus putting development on to Crystal Dynamics. It even parallels DmC by virtue of having one of the original developers involved: Amy Hennig in the case of Blood Omen, and Hideaki Itsuno in the case of DmC.
The difference is that Capcom insisted on drastically dumbing down the gameplay and "westernizing" the storyline, and NT were only too willing to comply. While Soul Reaver endeavored to bring new life to the world of Nosgoth, expand on it's horizons and provide divergent gameplay that couldn't have been possible in Blood Omen, DmC is...well, it's DmC.
You might say that Soul Reaver was lightning in a bottle, but I think it proves that with guidance a new development team can richly improve upon an existing franchise.