The well-known linguist John McWhorter argues that Shakespeare's plays should be translated into modern English since they are written in a language that we effectively no longer speak. "Indeed, the irony today is that the Russians, the French and other people in foreign countries possess Shakespeare to a much greater extent than we do, for the simple reason that unlike us, they get to enjoy Shakespeare in the langua…
We do have access to Shakespeare! Even ignoring productions, which are immediately understandable, a regular person, with no special education, and only a tiny bit of patience, can just sit down and read all of Shakespeare, and understand it. Right now! They may have to look up some of the words, but that's exactly what people have been doing for hundreds of years—without access to the internet, even. I don't know what's changed now to make this task onerous. I mean, I could speculate about our attention spans, but I can't say that with certainty.
A contemporary English translation is unnecessary, wouldn't make the plays even a tiny bit more relevant or meaningful, and I predict most people would prefer the original anyway.