Who knows if the much teased Oblivion remake or remaster is happening, but a glossy makeover risks missing the point. Morrowind, meanwhile, is ripe for it.
When remaking Morrowind, it would be really difficult to decide which bugs and annoyances to fix and which to leave in, cause they're essential to the Morrowind experience.
Like, do you remove the constant onslaught of Cliff Racers? Or the second Mages Guild quest where you can just steal hundreds of thousands of gold worth of soul gems without risk in the starting location, completely breaking the game?
Oblivion Remastered was done by an entirely different team, in France. It did not take away from ES6 development. Remakes are easy because the content is already there.
There's a limited number of developers and development funds for games in the world. Allocating ANY to this remaster/reboot/rerelease bullshit that is PLAUGING the industry right now, means fewer new games are being made.