One of the defining elements that made Bill & Ted a complicated show was on the basis of how the basis of Parody was used and how they skirted the line of copyright and IP infringement; ontop of being a look of the culture of the year at that time.
Even if you made it a show of only movie characters, you still risk the copyright, IP, and trademark infringement as a whole. Bill & Ted served it's purpose, but it's writing and how it handled topics was not ideal for the environment of HHN Hollywood (and I'd argue UOR too but that's here or there).
And that other shows, like Rocky Horror, which was a direct adaptation of a pre-existing material, or Beetlejuice, which focused more purely on covers and the Monsters/BJ, is a more optimal experience than a satire.
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Hell I'd argue Jabbawockeez was a more fun show than Bill & Ted from the times I saw each respectively, but that is me asking to get lynched.