As Steve Englehart said, it ain't the powers.
First, it's that the Green Lanterns are members of an intergalactic law-enforcement group.
And second, it's that there's more than one viable protagonist.
In recent years, the attitude that it's all about Hal has gotten Green Lantern too far away from that. Now, it's about Hal and the soldiers in his space army.
I don't think that's workable as a strong-selling franchise You're going to have to go back to a setting more like Englehart and Gerard Jones depicted, with Earth no longer ignored, and you're going to have to say that John and Guy are Hal's equals.
Look at the sales and they'll they tell you that the way they're doing it now isn't working.