Baywatch existed and was successful pre-internet, and it attracted a certain demographic who believed scantily-clad humans on television constituted entertainment (not a judgment call; there was a time I could count myself amongst their ranks). But anyone with a phone or a tablet can find scantily-clad anything within seconds now, and they don't need to endure bad acting in the bargain.
I understand it was once the most valuable international property, so the compulsion to try to resurrect it was going to be too big to resist, but there is no audience for this series anymore.