Not sure they are doing one right now but I am sure they tried to bring it back a couple of times over the years. However, I can somewhat see why they are struggling as I myself can’t think of how a modern DC would or could work in terms of gameplay. Fighting Dinos alone wouldn’t probably be a lot of fun. Fighting other humans while Dinos roam the area… that could work but is also prolly difficult…
Also, I'm not super experienced in the franchise (ran some of 1, never played 2,) but I feel the jank and frustration of limitations was part of the fun of Dino Crisis.
It shouldn't really work, that you take the Resident Evil formula of wandering around limited-view corridors but replace the thin, slow-moving zombies that you can weave in between and push away with monster beasts capable of lunging and swiping great distances (plus screen-sized massive Rexes that come at you like a pissed-off railroad train.) On paper, it's a bad fit.
Yet Dino Crisis was carefully structured for horror and thrills within the PS1's capabilities, and it did work. The limited polygon budget was turned into a design strategy, with dark pools or blocked cameras smartly to leave a lot to your imagination, and there's no looking around to see things out of your periphery or viewpoint (partly because the actual scenery probably wasn't there.) Fixed cameras and limited play space were important to maintaining the frights and the combat challenge of the game. The sound fucked you up as much as anything that you had to fight (and then when you got good at the game, you learned to use the sound as your best weapon of survival.) Your weapons were less rinky-dink than the six-shooters you were usually trying to take zombies down with (cold-comfort when you have a T-Rex that can eat you in one bite and you're counting on a shotgun to annoy it enough to go away...) Chase cam and cutaway angles were critical features of the game, as you often were running for your life or backing away while blasting or weaving a serpentine pattern through a hallway you didn't really have a full viewpoint on of what's ahead. And then, a lot of your time really is spent pushing boxes and throwing switch puzzles and stuff like that, with dino encounters being the dessert, not the meal. (I understand this changed in DC2, and somehow that worked too?)
Translate that into the third-person cam of RE2make or RE4 and it's a different game. You don't have the chase cams or the limited view. You probably don't have the tank-like movement of the dinos where they can barely react as you run past them because they only have a handful of directional animations (and if you did have dinos that simple again, gamers would shit all over the "dumb AI" even though that's part of the yin/yang mechanics that made the first game playable.) You would have a hard time building the "monster closet" approach of level design that Dino Crisis uses a lot, when the character has more visibility and roam of the stage. It just offhand doesn't translate the same, and would need a lot of rethinking to capture the terror and offer the same play style while adapting to more robust character movement and controllable viewpoint that gamers expect today.
Granted, I said some of the same things about RE4 VR, and apparently people liked that, so don't trust me implicitly. (They did have to make some significant gameplay changes to the VR version that IMO make it its own thing, and then some of RE4 play systems I said couldn't translate to VR like melee or boss QTEs, they just didn't bother, they cheated with a cutaway cam that breaks the immersion and I would say defeats the purpose of VR, but again, people enjoyed it anyway.) Maybe all they need to do is throw dinos into REngine and have you run around with a gun, I don't know. But Dino Crisis was a special little weird thing of its time, and looking at it today, I kind of feel like I understand why it didn't have the natural adaptability to evolve for new generations the way Resident Evil did.