Bungie is probably the best example of a success story. Though in their case the entire studio split from their overlords leaving Halo behind. To their credit, they didn't try and create a "spiritual successor" to their hit game which always ends up feeling like a copy of a hit game adjusted just enough to keep the lawyers from descending on them. Bungie created a new IP and a game that played nothing like Halo.
While it will never be Halo in terms of pop culture relevance, the Destiny franchise has been successful and like it or not, one of the most successful live service games out there.
The afore-mentioned Respawn entertainment was another success story. Sure, Titanfall was no Call of Duty, but it was reasonably successful and the Fallen Order games were as well. So its not always bad but these things tend to work best when companies go in a new direction rather than trying to capture the magic of games and IP's they no longer have the rights to.