I'm gonna reserve judgement until I see more. But not a lot of people are happy. Just is... different. What seems to be throwing people is this seems to be a serious take, while the original battle beasts were very cartoony in and of themselves.
It's certainly possible. All of the decepticon pretenders (Along with Longtooth) bare a striking resemblance to Battle Beasts/Beastformers. And there was a crossover on the production end, as Takara's TF team were the designers for both toylines. So, while it's not an answer than could likely ever be known, it's most definately within the realm of posibility, and even likelyhood.