On one hand, I love the current batch of assets coming from MW5 and MWO, their lead 3D artist absolutely redefined what Battletech should look like and his 'mech models should be the new canon. Seeing them in action in UE5 should be epic.
On the other hand, Piranha Games and Russ did produce sub-par incarnations of the series in terms of gameplay, with poor to non-existent product support, laughable and predatory marketing tactics ("do you want to buy a mech pack"). MWO failed because promised features never materialized, map selection stagnated for many years (and was very limited), gameplay was very limited, and PGI actively killed competitive game modes. MW5 was a missed opportunity.
In the last years the best game in that universe was HBS Battletech, using PGI's 3D assets in a turn based game that was the best of both worlds.
I'm not sure MS are even aware they got that license back into their lap, my intuition is they'll sleep on it like so many other good things they buried forever (Crimson Skies !!!).