There's no audience for this movie.

Billie Eilish was on the Jimmy Kimmel show and quizzed on 1980s pop-culture. She didn't know what a Cabbage Patch Kid was.

You really can't blame her. When you look at all the entertainment options that are available today, young people can't keep up with everything from their own generation let alone be familiar with material from previous generations. Just look at all the TV shows made for kids on Netflix or Amazon Prime. There's more than you can shake a stick at. There's more video games than anyone has even heard of. The same is true for music. It's overload.

When young people today barely know the stuff from their own generation, they're not going to be actively looking at what their parents and grandparents watched. Only juggernauts like Star Wars will a reboot ever have a chance, and that's because the nostalgia targets a demographic that still goes to see movies (Generation X), so their interest might ignite interest in the younger generations and bring the franchise back to life.

West Side Story came out in 1961, so who's nostalgic for it? It would have to be people who today are in their 70s. These people don't go see movies anymore, just like they're not targeted in advertisements by marketers (sadly) for products other than drugs. If they don't go see the movie, then there won't be any buzz about it that will ignite interest in other demographics.