Why I fell in love with Aliens vs. Predator back in the 90's:
1. The two species are incredibly lethal and utterly terrifying to encounter. Encountering either would be scary, pants-shittingly so
2. Witnessing the primal carnage of a violent encounter between these two species is supposed to be a tense, thrilling experience. The predator is more human-like but he's still a bloodthirsty, murdering son of a bitch obsessed with dominating the scariest monsters to be found in the galaxy (be they xenomorphs or other alien creatures).
I think tension is really important. Predators are highly dangerous to xenomorphs but they are also highly vulnerable to xenomorphs. I think one of the reasons the predators do so well in AvP Prey is that many of the battles take place in the open. The compound on Ryushi isn't nearly half as cramped and labyrinthine as the settlement on LV-426.
In a cover-rich/cramped environment, a xenomorph would be very deadly prey. In this environment, a predator would have to rely on his wits and experience. Only highly skilled predators would be able to track and outmaneuvre xenomorphs in an environment of this sort.