Fighting games are about fast, intense action, and competing with your friends. There really is little reason to interject a back-story for the fighters. The hard truth is that when these fighting games try to do so (Soul Calibur Legends, we're looking at you) they fail miserably. It seems Hollywood feels challenged to do a better job at it, and thus have been unsuccessful.
Of all the game genres to translate to film, arcade fighters seem like they'd be last on the list. With such failures as Mortal Kombat and Dead or Alive why would any movie studio think it's a good idea? Whether or not this Street Fighter will be as nauseating as the first remains to be seen, and will be so for another year. In the mean time, Capcom has announced a handful of the actors who will star in the film, but can they live up to the dynasty of the cast from the first film?