

I’d argue we already have a well done spiritual successor, check out Moonring. It’s free.
Personally, I never played the older Ultima games, I’ve mostly experienced them through YouTube essays. But, a solid 60% of the positive steam reviews for Moonring reference Ultima, as does the game’s own description, so I’d say it probably fits the bill.

I’ll put it this way, the community that plays this game had to bully the developer into releasing a $5 megadungeon DLC just so that they had a way to give him their money. It’s quality.