As much as I like Giger's designs and O'Bannon's xeno biology (and science fiction in general), these things alone are not enough to make an Alien movie really fulfilling for me. I also want a futuristic, outer space, sci-fi hardware setting as well. A story without these things is really the territory of EU esoterica, like a Dark Horse comic.
Here's a simple example of what I mean:
Most of you will have seen this fan-film before (it's been quite easily found on YouTube since 2016).
To me, the problem is that the story is just too earth-bound to really cut it as an Alien-worthy film. Of course, this is a micro-budget hobby film so it needs to be cut some slack (and in fact I think it's very well made - the filmmaker seems to have some professional level experience). But even when I imagine it boosted by a $1m production budget and set in some apartment building in the year 2200, it still doesn't do it for me.
Alien stories are best partnered with space-ships, far off planets, sci-fi hardware and sci-fi production design. This is the proper setting that makes up a 'feature film' level (or TV series level) "Alien" story. For me, anyway.
I guess it's also relevant to admit that one of the things that disappointed me about Alien 3 (that I've never heard anyone else say), is the rather prosaic production design. All that money spent on set design and stage builds and they could have just gone on location to a hydro-dam somewhere.
So, 'yes' to an Alien series, but set in outer space, not earth.
TC
BTW, for the few of you that might have missed the above fan-film's sequel: