I think they did pretty well with the first MK movie. The costumes were very well designed. Notable actors like Wilson, Lambert, and Tagawa. The special effects were subtle enough not to go overboard. If I saw the earth mortals such as Johnny Cage, Sonya, etc throwing fireballs in every fight, I probably would've had a harder time enjoying the movie.
The second movie was just corny in appearance and acting.
I'd like to see MK2 redone. Or MK4. If they could get a decent director, damn good script, and established actors.
I think if they did MK3 or MKD/DA/A, it would just look silly. Some of the characters and costumes alone are just too far fetched to be a serious motion picture.