The novels and later the movies started when the Cold War was pretty much at it's height, in the 50s and early 60s. It's been suggested by some fans and those interested in the series (Like Tarantino, who pitched Brosnan's last film to be a version of Casino Royale set in the 60s and in black and white, although he was willing to set it in the modern day if he had to) that the next film should do this, or should have done it before.
Some of the comic series and I think some of the novels have tried a period approach to Bond as well; the adaptations of Casino Royale and Live and Let Die for example are both true to their time; and the James Bond origin series has Bond's naval career and early intelligence work in World War II, for example. It's possible the upcoming video game might also take this approach, but we know fairly little apart from it having nothing to do with the Craig movies.
So could the next Bond/reboot etc. try this take on the character? Granted I think most Cold War spy films these days have either been based on true stories (Bridge of Spies) or flops (Man From Uncle) although I'm not sure entirely. The King's Man might be interesting (although it's set before the CW/early Bond stuff) but I'm not sure it's going to do that great either.