While a lot of people were wondering what Nathan Fillion’s big announcement with the Firefly crew would be, this came from Instagram a while ago (March 14th)

Sorry about the size of the video. It was the only way to get it here.
So what happened? There was a report Hulu liked what it saw. With the involvement from Oscar-winning director Chloe Zhao (who wanted Sarah to return) plus a winning lead in Ryan Kiera Armstrong, it looked like the Slayerverse would be reborn next year.

The idea itself energized a lot of fans, while others think it’s one show than can’t be as good as the original. Some have tried from 90210, Charmed to even Will and Grace.
A few fans in the socials also think that if Joss Whedon isn’t involved, it can’t happen. Well, Star Trek got a Next Generation going, even now. If you got people who understood how Buffy worked, it’s possible.

The new Slayer would have been more of a bookworm and would suddenly wonder why she can accidentally body-slam pesky students. That would have been where Buffy comes in.
Of course, there would be new people to fill in the old roles, and new vampires and Hellspawn to worry about. Then some old friends…and enemies…would arrive. Heck, throw in Spike and Drusilla…separately.

There would be other questions about Willow, Xander or Giles about whether they should appear and for how long. Amazon and Audible made an audio drama called Slayers which included Spike in an alternate world where Cordelia Chase would have been the Slayer. That got a lot of interest until Amazon stopped plans for a sequel.
By the way, Charisma Carpenter’s podcast “The B!tch is Back” has an interview with author Christopher Golden. He reveals what the sequel would have included. Worth a listen on your smart phone.

Maybe that’s the reason: how can you rebuild the Slayerverse that will satisfy everyone? That might have been too much for Hulu, but surely not impossible.
Maybe make the new Slayer outgoing but still an honor student. Her friends have heard about unusual things that used to happen in New Sunnydale, but do not know a lot…yet.
We could have a Watcher who thinks he can train the new gal, but he arrives well after Buffy. They’ll be some disagreement (but no budding romance) but they come up a new code Slayers should follow but still fits the times.

Also, can there still be more than one Slayer at a time? If the “one per generation” limit was made to prevent Slayers from taking over the Watchers’ Council, then shatter that ceiling! Having a hundred or so worldwide should be adequate, then Watchers would be more interested in wood quality.
How did they build New Sunnydale over the old one? Is the Hellmouth due to erupt again? Is Wolfram and Hart somehow involved?
Or should there be a New Sunnydale? Giles did mention something about a Hellmouth in Cleveland. It’s not too wild to think others have formed, mainly because of how times have changed.
Lots of possibilities and potential exist in rebuilding the Slayerverse. Imagine Oz as an articulate werewolf, even under a full moon.

According to Entertainment Weekly, it’s not giving up on the idea completely. It wants the project to continue in another form.
Well, if not a series, how about movies or a mini-series? Bringing back Buffy and Slayers is just too good to put aside.
We need Buffy Anne Summers back. Not too many shows from 30 years ago still have an impact today.
UPDATE: Sarah Michelle Gellar was told about Hulu’s decision on Friday the 13th according to Deadline. There was word the script “wasn’t perfect” and Zhao’s “sensibility” may not have been the best fit.

At least we can still see Sarah as a murderous socialite in Ready or Not, Here I Come later this month.

UPDATE 2: X user @ViewerAnon found what might be the final page of the pilot. It shows Buffy clearly trying to put her Slaying days behind her.

Actually, this should be in the middle. Once she gets the note, the immortal words “Oh, great” are said again. Once she learns a new Slayer may have emerged, that’s when she makes her move.