As much as I love the story of BIONICLE and where it went, I'd be game for a reboot. That story happened, and I'll always remember it. The way I see it, though, it wouldn't be hard to say "this is a different universe" or "this happens in a different star system in the same galaxy." They could feasibly incorporate elements of the old story in small dashes when they see fit, that way, but keep the new sandbox far enough away from the old one that they don't have to worry about continuity issues.