Well that's my main theory. People didn't want to see the same basic story told again and IMHO done in an inferior fashion.
Here's the thing. Often times hardcore fans and comic purists are in a bubble about these movies. Moviegoers that are outside of this bubble, more than a reboot, moviegoers see this as a remake of the original Spider-Man movie. They've already seen this movie before and it was better 10 years ago.
Here's my other problem. The thing with the parents. There's precedence for all that, but what put me off is that they made his daddy issues the whole driving force of the character in the story and I just don't get that. To me that was never really the driving force of Spider-Man, the truth of his father etc. Yes Spider-man is an orphan but that's only just one part of Spider-Man.