It's not a reboot, it's a continuation, and it involves all the original cast and (I believe) writers so hopefully it won't suck. But yes, they're restarting it. Netflix is producing, I believe, ten additional episodes, and then there are plans to make a feature film to conclude the series, although I do not believe it has been confirmed that the latter is really going to happen yet.

As for shows that became caricatures of themselves, I'm shocked no one has said Family Guy yet.