Quoted from Aurich:Mystic [... is a] Beautiful game, I love it. But if you made a modern title with the same art you'd have to have so much more. Callouts. Characters. Animations. Tons more music and sounds. We have a lot of expectations now. And that all has to be created from scratch. There's no license to give you assets, ideas, and frameworks.
That's a very good point, and something I think gets lost when people cite the "unlicensed era" - it's easy-ish to just draw some pretty pictures, plink a captivating bleep-bloop palette, and be done. When I imagine how Whirlwind might have looked if made in the DMD era, I'm not sure if the dots and animations I see in my head would translate well or not. And finding out if they would, takes talent and time!
But, counterpoint: it can indeed be done! Games like MM and AFM have a cast of unique original characters all their own which are approachable and ultimately memorable even when they're first unknown. Sure, they play off stereotypes and well-known tropes which make them familiar from the onset. But even aside from that, they have music and dots which are fully cohesive - so originality is not impossible. And while you keep attesting to the challenge of distilling a known toolkit of licensed assets into the pinball formfactor, and I don't doubt you in the least, I surmise from a technical aspect, an original work would not be any more difficult. Licenses give you limits; originals give you freedom. Both have boundaries.
The trick is creating an original work that feels familiar. As stated, MM and AFM are perfect examples of this. But even games like FH and WW, you can walk up and get an idea for what they're about: everyone knows about storms and carnivals. The execution gives those games a life and character all their own.
Spooky followed the same path, using the "haunted ____" trope. It has a few excusable weak points but it's a noble step in the right direction, and fantastic for a new builder. It takes time to put the whole package together, and it's a risk. But it's not impossible.
Also, remember this: every good license, was "original" once, somewhere.