I think the new movie should really stick to the premise that the whole mortal kombat world really revolves around four characters.

Quan Chi
Scorpion
Noob Saibot
Sub-Zero

Not marginalizing the remainder of the cast. But honestly, the story is actually about three men from opposing clans, two Chinese (Sub-Zero, Noob Saibot), one Japanese (Scorpion), and how they all get manipulated by evil (Quan Chi and the Lin Kuei) and how it changes and destroys their lives.

One brother falls from grace, the other brother tries to save him, while the other person loses everything he ever cared about and becomes obsessed with revenge. This is real story of mortal kombat.

Liu Kang, Johnny Cage, Sonya, Raiden, Shang, etc. they are all great and have a part in this universe but they are all bit players in the story that's always intrigued everyone, Scorpion vs. Sub-Zero and the history that made them who and what they are.

I think this movie should begin with the origin of Quan Chi, who he was prior to going to the netherrealm, how he got where he is and his relationship with Shinnok. This is what actually brings Bi-Han and Hanzo into the picture. It makes no sense to tell the story any other way. And, we all know how this story ends. Liu defeats Shang and saves earthrealm. Fantastic and boring and overdone.

Showing how Quan Chi manipulates these two people and pits them against each other for his own means is the real tragedy of the story. And how Kuai Liang searches and tries to save his brother to no avail.

It's dark and tragic and a part of Mortal Kombat that we really haven't seen. I want to see Bi-Han and Kuai Liang kidnapped as kids and brought to the Lin Kuei. I want to see their father who was supposedly a Lin Kuei operative. I want to see Bi-Han kill Hanzo. I want to see Scorpion kill Bi-Han. I want to see Scorpion's clan murdered. I want to see how Quan Chi and the Lin Kuei manipulate these people and show how working with evil has it's consequences.

Bi-Han - Sub-Zero/Noob Saibot - in his quest to be the best, takes on a challenge that ends up destroying his life.
Hanzo - Scorpion - takes on a challenge that also destroys his life and the lives of everyone around him.
Kuai Liang - Sub-Zero - turns on the Lin Kuei and while being hunted, hunts for his brother and his brother's killer.

There are plenty of other plot devices in here to include all of the other characters, but no story will have a bigger impact than this one.