A reboot or AU isn't trying to have its cake and eat it too. It';s not pretending to be a continuation of a story that's grown to divergent to do justice.
Perhaps, but it depends how you look at it I guess. I don't really see a reboot/AU as an artistically superior excuse to extending the life/profits of a particular franchise. I gues I would rather have them attempt to have the cake and eat it than just "reboot! done! endings issues solves". I don't think Star Trek did wrong keeping the cake and eating it, or at least I don't really see why would actual 100% Star Trek reboot be better than the time travel "cake" they did.
Which is why I'm pretty sure Mass Effect was not originally intended to be continued past ME3. I suspect EA made the declaration "milk it" and Bioware now has to figure ot a way to do that.
Either that or they thought they would be fine doing prequels/sidequels. But after ME3 came out it was clear it's not what the fans wanna see
Anyway, it is more appealing to me than intergalactic travel and development of the same civilizations in an entirely new galaxy.
I get that, but in the same way it feels off how the original Star Wars trilogy actively avoids showing Coruscant, the capitol of the galaxy, it would feel off if the new Mass Effect trilogy was actively avoiding Citadel or major hubs of important races.