They *did* try to get this made all throughout the 90s, and it couldn't get off the ground because all the scripts they commissioned all had overly complicated plots trying to get Freddy and Jason to meet and fight each other, usually introducing elaborate high-concept gimmicks that didn't resemble either A Nightmare on Elm Street or Friday the 13th at all.
Even if they'd managed to reign that in earlier, I'm not convinced FvJ would've turned out all the different in the late 90s. It already is pretty much the last of the Scream wave of horror, if it had come out 4 or 5 years earlier I think it would've been much the same but with worse special effects, and I suspect it would've only leaned even more into cheesiness, not less.
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