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Wouldn't this be more in line with what Hasbro started with the cartoons than with the Bay movies or that Joe movie?

Nope.
The cartoons were started to sell toys. Live action could do that too, but it would be far too expensive.

Well, I'm pretty sure that the Transformers movies, even if they were extremely expensive, brought some serious money back to the toy companies... and that's before counting toy sales.

I mean, I was brought back to the fandom by these movies after enjoying the cartoons as a kid, and bought non-negligible amounts of merch afterwards...

Now that Paramount is producing Snake Eyes to build a Hasbro share universe, why aren't there more discussions on G. I. Joe combining with Transformers? The first attempt, outside of Marvel comics, to crossover G. I. Joe with Transformers began with in the G1 era of the 1980s. The crossover was a single episode attempt and in my opinion an awful story. After watching the episode in question, I subjectively concluded that the creator's crossover episode for Transformers and G. I. Joe was designed to convince people that combining two Hasbro concepts for entertainment is a "hard sell" for business. How will Paramount studios improve on the Hasbro failed crossover attempt when they try a movie/show crossover of Hasbro products?