The realistic way this could be continued/tied up 16 years later
Obviously way too much time has passed for any kind of revival or TV movie. Mortal Kombat is in a boom period, however, with games, web series, and an ongoing comic. It's in the last one that I think we could realistically see an ending to Conquest done.
A story arc in comic form to craft a satisfying ending is both cost effective and can be large in scale without the huge budget live action requires. Would we all like a live action something? Of course. But it can't happen. This, however, if we email Nether Realm Studios, Warner Brothers, and DC Comics with enough support, could actually be realized.