House of M and Decimation M are two different stories. "No More Mutants" set up Decimation M, but it's not important for HoM. So I can perfectly see them adapting HoM without "No More Mutants".
But for that they'd have to, at least, connect Wanda to Eric and change her powers.
Also, I agree, they'd have to choose adapting HoM or AoA. They are similar. And, IMO, the same for Dark Phoenix. The female hero becoming too strong and becoming a threat was already done. And since Marvel will probably never adapt DP, HoM seems like a path they could take.
Hmm I'm not sure which I'd prefer out of the Dark Phoenix Saga, House of M, or Age of Apocalypse.
DPS done with the MCU's ability to capture scope and flesh out interpersonal drama is really compelling. But we are probably fatigued when it comes to that story, it usually means death for Jean, and there are other ways to incorporate the Phoenix Force.
HoM is attractive as a big crossover between the Avengers and X-men, giving big roles to Magneto, Scarlet Witch, Doctor Strange, etc. Interesting things can be done with characters like Wolverine and Spider-man in this reality. It would need a lot of tweaking but the MCU isn't afraid of that. Might be worth it just to see those royal family Coipel designed costumes. Could also factor in Billy and Teddy in a way the comics don't.
AoA is the kind of classic dystopian/post-apocalyptic world that we have maybe seen a lot of in popular culture but the hook is seeing characters we know really well completely reinvented and twisted. I'd give the writers/directors a lot of creative freedom to include the characters they want and reinvent them in which ever ways work, not necessarily beholden to the comic. This is a big Infinity Saga level story so we'll have to wait and see if the MCU can build the X-men up to the level a story like this deserves. This story is also the only capacity I'd want to see Apocalypse in.
House of M did make Wanda into a trope and plot device, and it also made her into a long term enemy of the X-men who the Avengers forgave without any input from any of the mutants she affected. But the MCU really elevated Civil War where Tony was pretty unlikable and sympathetic. I wouldn't expect the MCU to adapt House of M that faithfully, but it would keep the spirit of the comic, which, for me, was seeing Magneto and his family as aristocrats/monarchs in a world without mutant oppression.
"We have to earn it."
How do you do that with near non-existent screentime and little interaction (only Vision and Clint) with other characters? No wonder Markus and McFeely then admit it's probably "too hard" to do. How do you earn it when Disney will demand you give big chunkcs of screentime to Captain Marvel, Black Panther, Spider-Man, Doctor Strange, Shiang Chi, Wolverine?
It cannot be earned. That's basic math.
To recap, House of M is a story in which characters like Vision, Agatha Harkness, Chthon, Django, Marya, Holly, who would by default reside in any world created by Wanda, don't appear because Bendis does not know who they are or in the case of Vision, simply because he dislikes them. The main character of House of M is Wolverine, a character who has no history at all with Wanda.
House of M was written by a man who knew nothing about Wanda, who only knew one story involving her, John Byrne's Darker than Scarlet, a story so virulently misogynistic, it led to Byrne being kicked off of West Coast Avengers due to fans pressure.
Alot of Scarlet Witch fans see Magneto as detrimental to her character, the only beneficiary of it is Magneto. Writers always favour Magneto. She is always forced to orbit him and cease to be her own character. Her purpose is to add to his grandeur. To most readers, Pietro has a great dynamic with Erik, whereas Wanda does not.
It wasn't until James Robinson's 2016 solo comic that we got a story about Wanda's mother. Natalya is certainly an improvement on the pointless, dull Magda.
Let's take a look at Bendis, and what he does in Disassembled and House of M, and his motives for doing it. He has Wanda kill her team-mates, making her persona non-grata to the Avengers, her home, then he then has Doctor Strange say, ludicrously, "there's no such thing as Chaos Magic", severing Wanda's ties to the Elder God mythos and Wundagore, her birthplace, then Bendis goes for the trifecta, and "no more mutants"...making her toxic to X-Men comics forever... it's quite literally the perfect character assassination; he cuts her off from every part of the Marvel universe. The cherry on top is making her so OP as to be unusable. An act of pure spite designed to remove her from comics, which it did, for seven years. On top of that Bendis never explains how her powers in HoM work. Kurt Busiek created easily the most cohesive and understandable power system for Wanda, one connected to her emotions for the first time (her mutants powers have no connection to her emotions) a dynamic and meaningful way; Chaos Magic.
Feige himself seems to favour Busiek as well:
Her powers, she’s never had any training, I’m talking about Scarlet Witch. She never had any training; she’s figuring it out. Arguably, you could say that that’s why her powers are much more chaotic and much looser in the way that we showcased those light effects. In , some of what you might see today, even the cover of Entertainment Weekly, it’s much tighter. It’s all about focus. It’s all about pulling energies from other dimensions in an organized and purposeful fashion, which is why they can do a lot more than she can in, at least, a much more precise way.
There's a desire amongst some X-Men fans, I think, to erase Wanda's individual history (Avengers, West Coast Avengers, Mount Wundagore, Chthon, New Salem, Set, Master Pandemonium, Lore) and reduce her to a plot device for cheesy Magneto soap opera, existing purely to serve his narrative and his man-pain. For her to be some subservient princess? To stand in the background and be a character with no narrative of her own?
When the Disney Plus show was first revealed and speculated upon, it was extraordinary and very revealing how many people declared that her show should be about Magneto. The notion of the series being focused on Wanda, seemed to be an alien concept to the Marvel fandom.