Bionicle is a franchise that strikes me as one that needs to be fueled by passion and creativity, and the core of those tenets are seen in the art and story that are built around the figures. I think we saw that in the... visually uninspired shorts that were released this generation, and the absence of an attempt to release comics or more public promotional material. Unfortunately, those driving artistic principles aren't inherent to financial success, even if the promotions and shorts had been of higher quality there is no guarantee that higher sales would have followed.
I would say that I only want to see it coming back if someone took the helm with true artistic drive, but I don't know if that's enough to keep a franchise afloat any more. Bionicle was very, 'of an era'. Maybe it should stay that way.