Well, if we want to go on one particular route..technologically, the ride (albeit similar to Cat in The Hat) is made with a system that isn't supported in modern day practices. And with MIB, it's continuing to diminish in the general public's eye, no small part to the sequel's varying quality (with MIB3 being the closest seemingly to the original's style).
Not to mention, the building is one of the largest on Universal property. And depending on how it'd be used, could churn out something that's at a much higher capacity, with a ride system that is more modern and able to be worked on for a longer stretch of time.
LC, Shrek, and Kidzone will likely see their times to come eventually, but if Universal's contract cutoff is next year, it's very plausible that they may desire to venture into an IP that can be marketed more towards a larger mass populous.