how big were the budgets for the show

Who really knows except the makers of the show. You can tell they used multiple shots over and over again, especially the scenes in the town. Kung Lao, Taja and Siro always worn the same clothes as well as Raiden and Shao Kahn and the other characters. Guess they didn't invest much into costumes, lol.

But I'm guessing they had a small budget at the time of planning and eventually shooting the series but it turned out to be more than they planned and cheapo studio execs axed the show.

If they were to resurrect the show, I think Paolo and Daniel can make a comeback as they don't look much different from back then. Kristanna on the other hand, she looks different now, hot but doesn't look anything like she did on the show.