This is just another example of the lack or originality in Hollywood. There's no reason to keep making sequels/prequels to this story. This kind of crap is as bad as the endless remakes coming out of Hollywood.
Hollywood didn't used to do this. When Errol Flynn became an overnight star after Captain Blood, he didn't star in Captain Blood II and Captain Blood III. Instead, he made The Charge of the Light Brigade, The Prince & the Pauper, Elizabeth & Essex, The Adventures of Robin Hood, The Sea Hawk and many other adventure and romance films rather than the same one over and over.
There’s lots of reasons to keep making sequels and prequels: $$$. Movies are very expensive, have a very limited revenue window, and the industry is risk averse. So they go to “proven properties”. Also it tends to renew awareness of the old property and bump home revenue, cash on both ends.
Funny you pick Captain Blood since Flynn’s version was a remake, then 2 years later they did a radio drama version. Hollywood’s been looking to juice known properties since day one.