Honestly, I think rebooting Ultimate would be a mistake at best and a disaster at worst, especially for Spider-Man. It's not that Bendis set the bar so high with his iconic run. But Peter has been rebooted and reinvented so much in recent years that I don't think there's room for much nuance in a rebooted Ultimate. Unless you want to do a radically different Peter Parker, which almost never pans out and Disney would never allow it, there's not much more you can do than make Peter an awkward high school student or a downtrodden young adult who constantly screws up.

Ultimate was originally supposed to be the gold standard. It was supposed to tell stories about classic, familiar characters in a way that felt fresh, modern, and refined. However, after a while, it just fell into a trap of trying to be different for the sake of being different. It tried to radically reinvent every character and/or replace them. And it didn't work. There's a very good reason why Ultimate Spider-Man was the most successful in the long run. It stayed most true to the core of the character. Every other character in Ultimate was twisted beyond recognition. By the end, none of them were likable in the slightest. There was no vision or plan. It was just, "let's shock everyone by making these characters do crap they would never do and hope that gets peoples' attention." The fact that Ultimate sold so poorly and was such a mess, outside of Bendis, is a sign that Ultimate lasted way longer than it should have.

And Bendis was the exception and a very rare one for Ultimate. As much as I respect Cates, I honestly don't think he could recapture that same magic with Spider-Man. I'd be willing to give it a chance, but I think Ultimate Marvel should not be revived.