I feel like if they get the horror theme right it could work. It really needs to divorce itself as much as possible from the “gamification” of the source material and just make a good horror story with the cast and setting of RE.
Many fans of the games didn't like the movies. While I cannot say I was ever daft on them, they at least had some good ideas. Like I know everyone remembers the "laser corridor" scene in the 2002 film, which inspired a similar segment in RE4. But at least the three animated movies are in the same canon as the video games, even though Capcom messed up one scene in Degeneration by giving Claire a shotgun in the Raccoon City flashback scene.