Nobody can do Lovecraft right because xenophopbia is one of the cornerstones, and modern media has to make everything diverse which contradicts the aesthetic. Everything now also has to be for children (or manchildren) now, so nothing can actually be horrible in a visceral sense either.

Fucking Bambi is unironically more edgy than the edgiest "horror" being produced these days, only vague exception being "body horror" which isn't even true body horror anymore since now it's just about the gross-out instead of the actual fucking horror of being trapped in a horrifying body.

The contemporary zeitgeist is just too neutered and childish to be able to do horror right, which includes lovecraft, which is why you will never have any good lovecraft games. Unless some indie happens to make one as a passion project that they never expect to make any money on.