Back in the early ’90s, a New Jersey-based company called GoodTimes Entertainment carved out a place for itself in the home-video space churning out straight-to-video knockoffs of Disney animated features. While “The Lion King” was in theaters, there was GoodTimes’ “Leo the Lion: King of the Jungle” on retail shelves, packaged (for maximum mix-uppability) in Disney’s signature white clamshell case. From a copyright perspective, GoodTimes’ strategy was super-sketchy, but as far as parents were concerned, it was easy to get confused — and most kids probably didn’t know the difference.

That bait-and-switch phenomenon crossed my mind when I saw that Netflix was making “The Monkey King,” which — like GoodTimes’ “Aladdin” or “The Little Mermaid” — was certainly fair game, since the source material (the 16th-century Chinese classic “Journey to the West”) was squarely in the public domain. The cynical part of my brain instantly imagined that the streamer was churning...