According to the director and Chris Evans his very blonde and nuzzlable self in interviews: this is the "origin movie" for the tie-in toy. Hence why Evans voicing the movie, Warburton voicing the cartoon and Allen voicing the toy (in the movies) is still canon.
Which came first isn't explained, and isn't necessary. Given we've had two GI Joe movies, a Barbie movie with Margot Robbie and Ryan Gosling is on the way, we've had MLP, She-Ra and Masters Of The Universe remakes, and there's even been a Battleships movie... it makes still sense if Evans' movie is the "reboot" for a beloved 1980/90s toy, maybe more these days.
And there's quite clearly some detailed love for the original showing through even in the trailer: note that Buzz's ship appears to be powered by "crystallic fusion". Pixar being Pixar, expect in-jokes and Easter Eggs a-go-go.
Still waiting on the cinema event of the decade though...