It's probably for the best. After all, look at how Capcom usually handles movie adaptations - they actually permitted a Street Fighter reboot that people mocked even more than the original. The Resident Evil films have been successful, but they're not exactly faithful to the degree game fans would like.
So I'm hardly shocked that Mega Man creator Keiji Inafune would rather work on a live-action movie of his own knock-off, Mighty No. 9, than work with the folks who own the original and don't seem to care much about it. It's like the video game version of getting a MacGruber film before a MacGyver one.
The "live-action" part worries me a bit, though...