Moon Studios has no interest in working with Microsoft in a special/partnership dynamic ever again, going by statements the owner has made here and there around Twitter. Not to mention, them directly criticizing services like Game Pass being counterproductive to their business aims.
If any Microsoft studio is suited for BK, it's Double Fine. At least for the game design and gameplay. Some of you insisting it needs British humor; I'm sure there are some writers from British animated shows/films who would be up to doing writing for a new Banjo-Kazooie game.