Nah, I don't want Wizards of the Coast to re-release it. It's just too much of a risk for them as a company, for too little payout. For every CleverNickName out there who would love to have an updated Red Steel campaign setting, there are a hundred others who would scream bloody murder at them for not giving them a different, more popular setting like OA or Dark Sun, or for doing this one wrong, or for just existing as a company.
I think if Red Steel 5E is ever going to be a thing, it would have to be fan-written, like what @The Glen did with the 5E Mystara Project. Fans don't have as much of a financial risk to absorb, and they aren't expected to be infallible mind-readers.
EDIT: sorry for the rant; I pulled an all-nighter and I'm cranky. Reading through certain threads probably isn't helping my disposition, either.
If we go by OA on dmsguild it's what a Platinum seller at least. So it's still popular.
Just get don't call it OA, hire Ajit George to co-lead it, pick his team and risk completely averted. It's not hard. Radiant Citadel was practically a test run for Kara Tur and Al Qadim.
I have faith Ajit and his wife, who is of East Asian descent, can handle doing this book. No one can complain.