Cyber-punk to me is a reflection of high technology on the present world. It was always a mater of tech getting better, but society getting worse. The trends in 80's were both taken to extremes. Big buisness under regulated turned into big buisness = government. Computers started getting good enough to control certain things, so from this came computers controlling everything. The problem with that is both ideas lacked real world change. Being the bigest buisness of them all, governments would be hard replace. And while computers controlled eveything, WHAT they controlled never advanced. A car was still a car, a gun was a gun, a phone was still a phone, no real innovation.
To make the genre relevant, you would need to take todays trends to their logical extremes.
Govenment power creep, mostly in the form micro managing daily life for the populace.
Celebs and special interest groups gaining power.
Smaller tech, thus easier to insinuate into anything you touch
Over specialization. Computers become so complex that no one thing can be made/fixed/programed/used by one person. This gives you high tech, plus abuse factor by those in power, controling the compartmentalized knowledge, and a way for hacker prodigies to have a place in the world. This could even meld in with the psi aspect, as they are not programmers, but will the tech to work.
As for reinventing the genre, cyber-punk has always had a dark edge. The bad guys were either winning, or had won, and the game was about survival and small victories. A new way to go might be to have a number of miracle discoveries, like nanobots, FTL, food replicators, etc be discovered, and have the story be about the heroes having the power to turn earth into a paradise, but fighting a war to see it happen. In a day and age where you have to fight legal battles to eat a certain herb because its not aproved by the FDA or its euro equivalent, imagine how hard it would be to pass out a universal food suppliment. Perfect health would be popular, right? Telepathy phones would revolutionize the world, whats not to like? Such things would be suppressed, stolen, or held for power instantly.
This could turn into a supers game or X-files very easily, but if played right it could be cyber punk with hope, which could prove interesting.