The reason they're making this is literally screamed in the trailer: The Jungle Book was a big success. All of the Disney Remakes have technically been successes, but given the source material, The Jungle Book did far better than I think they expected.
But there's a big problem I have here, and this is me as the 31 year old with hindsight of growing up with the pre-ren films: The original Jungle Book is among one of Disney's most lackluster adaptations to date. Tonally and content wise, it barely resembles it's original source material. This was just one of Walt's mandated "I grew up with it, ergo, I want to do it" films that didn't get done till shortly after he died. But much like Song of the South, this is one of those cases where Disney also wanted to sanitize some iffy material. The result is a story that barely remembers the book, which is a race allegory, and a very dark story besides. The 1960s movie by contrast is little more than a lot of walking from song piece to song piece and an excuse to take well known actors at the time and dress them up as animated characters. The pre-ren films were actually pretty famous for doing that, which is ironic given how much people complain about it now.
But the upshot of all this is that the remake had an opportunity to tell it's take on the source material in a different way because there was so much left to work with. Did it succeede? Kinda. Shere Khan is much more like the wonton sociopathic predator he's depicted as in the book, and the Laws of the Jungle are more directly focused on. It's bogged down by Disneyisms still, but it does enough to stand on it's own.
The Lion King on the otherhand, is based on nothing except very loosely using Hamlet as a framework, and (Possibly) borrowing from Kimba the Lion as an aesthetic inspiration. But that aside, it tells its own story and minus a ridiculously hamfisted third act (A drought, really?) it tells its story really, really well. Aside from a cleaned up third act, there really isn't anything you can do with that movie except rehash it in CGI, which is exactly what they're doing.
So what you end up with is the same problem we had with Beauty and the Beast: It's very pretty, and its a hit of nostalgia, but there's so much sacrificed in the process of making it a live action film that the spirit usually ends up getting lost in the spectacle. We're already aware that Be Prepared is being axed, as are the Hyenas as a whole. This is already an omen of removing more than you're adding while trying to keep everything else looking EXACTLY the same.
Maybe it'll prove itself, but I kinda feel like it's going to give me the same hollow feeling that B&B did.