Obscure? This was the third highest-grossing film of 1988. It was massive (maybe his biggest movie ever) and Eddie was on top of the world for about a decade.
Why they are remaking it is simple - another one of Eddie's dozen kids is going to college and he's running out of money. He's tried to do comebacks with original stuff and it's not working so he's tapping into his old stuff. I think Beverly Hills Cop 4 is coming next year and, if that doesn't work, don't be surprised if he digs up what's left of Nick Nolte for 48x3=144 Hours.
I don't understand the substituting letters, but it certainly isn't just an 80s thing, though it certainly could have started there. 2 Fast 2 Furious and Fan4stic come to mind.
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