Adaptations of old stories will frequently move them closer to the production in time and/or space, even if the original is only a couple of decades old.
Distinct from Recycled IN SPACE in that the purpose is to make the story more familiar and accessible, whereas that trope is often based around transplanting a story into a less familiar setting. Also, by its nature, a Setting Update is typically made long after the original, whereas a Recycled Premise is usually a Me Too made to cash in on hot demand. Sometimes, especially with the more radical changes, it can be a genuinely clever analogy.
“I actually wasn’t being insincere. I was like saying, ‘Murder my vagina.’ I was serious, but I was also on drugs, so that was my way of saying, 'Let’s do it, man.’ But I was on drugs and trying to be hilarious. He’s hot! What does that even mean? It just means, like, 'F–k me, Drake!’”
Amanda Bynes Recalls Telling Drake to “Murder” Her Vagina