Nah, come on now. Predator had one of the most memorable creature designs in sci-fi history. That alone gave it staying power. And imagine if Arnold had come back for Predator 2, teaming up with Danny Glover. That kind of star power, combined with the gritty urban setting and the continuation of the Yautja lore, could've propelled the franchise to even greater heights. It would have been the Aliens of its franchise.
If that had happened, I seriously doubt the franchise would've been put on life support. It could've built real momentum instead of relying on crossovers to stay relevant.