While I grew up playing the original Crazy Taxi (in arcade machine form, no less), I'm certain it would fail if released with the same gameplay formula today.
Some changes were necessary, for sure.
Having said that, making it massively multiplayer with a persistent open world definitely seems like a step in the wrong direction.
Something more akin to a modern roguelike with an expanding gameplay area and meaningful vehicle upgrades between runs probably would have been enough.
But, having said that, I'm hoping the studio is able to make something great. I'm very-cautiously optimistic.