It's not like most players had a say in the matter which bootleg their local arcade would upgrade to, or operators were in touch with every bootleg company. "New" has historically brought at least a temporary boost in quarter spending. Why else would anyone upgrade a Double Dragon to Dark Tower. :-P
There's no telling what all motivated the bootleggers to do the exact things they did, could be legal, could be just to make their mark "I wuz here", maybe they thought people wanted a graphics change, could be it allowed them to sell side art and marquee to bring more profits, could be so they could try to sue or threaten other bootleggers who took their hacks and started reproducing them and if they didn't change the graphics it would be hard to tell/prove.
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