It could have been a cheap license that just happened to be available. Someone wanted to make a game fueled by nostalgia and it was one of the few licenses available within their budget, as anything remembered more fondly was too expensive or not for sale. It's still a bit surprising when it happens and gets announced, but it's still understandable as to why it happened.
Good horror films shouldn't have many if any jumpscares, psychological horror is far more meaningful. Jumpscares are just startling someone and you can be startled by anything even if it's not something actually scary. A lot of "horror" films are just lazy.