The occasional revolution is great and necessary, but evolution is extremely underrated.
Apple tends to do this well. Messages feels like one continuous evolution from the basic SMS app on the first iPhone. When iChat moved to Messages a couple features were lost, but the important ones are back now. It was a new name, but it felt more like a unification between iOS and macOS vs just thinking a new app would help them get more users.
If someone went from a v1 iPhone to an iPhone 13, the new one would have dramatically more features and capabilities, yet it will still feel familiar. There is a lot of value in that. Engineers can "build new" within an existing framework if the foundation is solid.
When the "build new" dev make something new it's up to management to decide if it should be a feature of the existing service or if it's foundational enough to require a whole new app. That choice to build new should not be taken lightly, as migrating millions of users is not a trivial task and they will lose people along the way.