The AA titles has changed from a focus on gaming to a focus on gambling and how to design games so they get people to pay money again and again.
Just look at what monetized cosmetics has done to your ability to customize your character in modern games. A freeform system like CoH will never be created again because the AA companies want you to pay money for your appearance.
Older games were about the experience, the excitement of adventure and the joy of overcoming challenges. Modern games are about how to make the experience only fun while you keep on paying money.
So yeah it is not only nostalgia, CoH belonged to a golden era of games which is mostly gone now.