Some of you may remember the underwhelming "Street-fighter legend of chun li" movie, then again, you may be trying your best to forget it. While the movie wasn't as good as it could have been, it did show that the street-fighter property has huge potential on the big screen. The film was a critical and commercial failure that was panned by critics and audiences for it's poor execution and cookie-cutter characters. Street-fighter,despite the film's failure, is the perfect candidate for a full fledged movie reboot that is more faithful to the source material as well as being unique and creative.
Street-fighter deserves to get another chance on the silver screen, with a crew that will respect the source material and the world that was created in the games. "Legend of chun li" was too far off base to be successful since the direction was poor and the story was flat and incoherent. It's possible that too many creative liberties were taken with the material or the studio interfered and produced the mess we have now. Street-fighter also should've had a director with a better track-record helming the film since that could have been all the difference between complete success and utter failure.
Mortal Kombat is currently getting a film reboot courtesy of Warner Bros and it's shaping up to be a vast improvement over the original since they are thinking more strategically about the film by bringing in creative minds such as James Wan, who will serve as one of the producers on the project. This same kind of approach should be taken with Street-fighter in order to create a high-quality product that functions as a fun but well put together film.
At this point it is unlikely that there will be a Street-fighter reboot since there has been no active interest in a do-over by any studio. The idea of tackling the property again sounds tempting but risky for any studio or film-maker given the performance of that last few adaptations. Street-fighter has enough lore and story to make a quality film and hopefully the property will be treated with some form of respect if someone in hollywood decides to take another shot at it.