The latest to tap into this rich and lurid vein of pseudo-nostalgia is HyperParasite, a twin-stick shooter from Italian indie outfit Troglobytes Games.
Just a gut feeling, but I feel that the game should be leaning harder into those Smash TV inclinations.
It’s still relatively early in development, but the developers have been kind enough to share their current prototype build with the world.
You can try out the HyperParasite alpha free on Itch.io.