If it's not, well, that original FFVII game will still exist and that experience will still exist. There will be no erasure of that, so you can hate the remake while still liking the original. The fanbase will still exist for the old game, they just won't be part of any new fandom surrounding the new game?

Anyway, we do not have enough information to actually make any judgments on what is going to happen with this. All we know is that they want to capture the feeling of FFVII while upgrading it to current-gen standards.