Happens in SF too, although perhaps more so in books than in film/tv. Roger Zelazny did Lord of Light [Hindu and Buddhist myth], and Creatures of Light and Darkness [Egyptian myth]. Emil Petaja wrote a four-novel series based on Finnish myth. Lester Del Rey's Day of Giants plays with Norse myths.
Alternate history is generally seen as a sub-genre of SF. World War II, the American Civil War, the Thirty Years War, the Roman Empire, and more have all been the settings for alternate history stories. In addition, time travel stories seem to be drawn as if by magnets to pivotal moments in human history: e.g., the new show, Timeless.
I recently read a book by Taylor Anderson which is part of a series called "The Destroyermen," in which a USN destroyer and crew serving during WWII are shifted to another universe quite different from ours. There's a story in film development right now about a platoon of marines who go back to Imperial Rome. Twilight Zone had an episode about a US tank crew showing up during the Indian Wars.
So, it doesn't seem that unusual to me. As for how I feel about it, pretty much I feel the same way I do about any book or movie. If it's well done, I generally enjoy it. The recent fantasy/SF treatment of the Noah story was crap, despite the casting of Russell Crowe, whom I usually like. However, the show from a few years back, Kings, an SF alternate world version of the story of David and King Saul, was quite enjoyable. So for me, it's not the idea, but how that idea is executed, which determines whether I like it.
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