Cybsled
Naxxramas 1.0 Raider
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Imagine it was never getting revived and was a method to keep the employees on a task till the hammer dropped
It was probably an Anthem situation - they provided an opportunity for a revamp, put it on the studio to put together an estimate on additional investment/turn around time/whatever, then presented their case. Sony probably ran the numbers about projected additional investment vs. potential returns vs. buzz online and felt it wasn't worth the additional investment.
Let's be honest: If the game came back as f2p, you'd probably have a lot of "disaster tourists" and see a decent initial spike in player population. People would play it just to see what the deal was, but that doesn't equate to a long term and profitable playerbase. People would just compare it to a scuffed Overwatch (which itself isn't the juggernaut it used to be) and probably move on quickly.