It is absolutely a sheer waste of time and effort - as you say the films are still relatively recent in the grand scheme of things, as well as being universally well-received and one of Britain's biggest exports in recent times.
Just like with Star Wars, it seems they've become scared of doing anything new and original after Fantastic Beasts ground to a halt, for fear that anything else new they come up with will similarly fall apart. But the thing is, Fantastic Beasts didn't fall apart because it was something new, it fell apart because of the bad behaviour of a certain effeminate emo actor, the trial of its main villain against his far more villainous wife and because it tried to insert identity politics into what was otherwise a story with great potential. What's worse, this new series I can easily see crashing and burning far harder because people already have the original 7 films to enjoy, and the series will tell nothing new. People aren't stupid, they notice when something is going to re-tread the same old storyline.
I can see the direction in which it will go - it'll doubtless be an Americanisation of it set in 'Hogwarts High' that will throw away all the charm, sophistication and sheer Britishness of the original, with black Hermione, mixed-race Ron and trans Harry facing down the toxic white Voldemort.
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