Honestly, I can't really think of that many modern takes on the UU style game. Arx Fatalis? Maybe something like.. the King's Field series?
The Question is actually: What IS the UU style game?
What did UU offer and what didn't it?
Personally I didn't play it for a long time back then, so I am not very good in pointing these things out, but I guess it offered:
-A great new engine, which was completely new on the market, which doesn't play any role for a new game
-First person, free movement in a fantasy setting. Again there are tons of games about that nowadays.
-a dungeon game with some, but not big openness
-an extremely simplistic action combat
-a basic character system
So I guess the closest to that today would be something like Skyrim / Risen 3/Gothic 3, if you just had one big dungeon and overall more limited options?
But limitation isn't really what you could score with. So what big advantages would Underworld bring? The only thing I can think of at the moment is a good story and unique atmosphere. But I don't really see one "awesome" feature of UU1 or UU2 which would carry a game. That doesn't mean that it has to be a bad game.
But I think that the "more of the same in better graphics" formular like it's basically applied to Wasteland 1->2 or Might and Magic 3/4/5->X will hardly work here.
Edit: Maybe another game to compare it with is Deus Ex: Human revolution (which I personally didn't play as well, but I played DE1): Fake open world, action with some story. But just watching at the Trailer of Deus Ex: Human revolution makes me think "This would never work without a decent budget".
The good thing for developers about all these indie games we see for now is the mixture of:
Graphics hardly matter + turn based gameplay.
But in a first person action game, you need to spend a lot more additional money to make the game to feel even decent.
