Fallout
Welcome to c/Fallout, the unofficially official community to discuss the franchise.
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They would also likely farm out work to other studios. Bethesda is at a point where they're pissing off ALL of their fans, and likely a lot of big wigs at Microsoft. One remaster isn't going to relieve the pressure for them.
But you're right about the game engine. It's just been so long that there's only so much you can do with it. And on consoles it's even more apparent than pc, just how old that and FO3 are.
That goes without saying. The layoffs happened at the studio they paid to make Oblivion Remastered. Besides, they didn't even make New Vegas in the first place and made Obsidian crunch to finish it, so them crunching some other studio would just be spiritually consistent.