For me the reason would be the same as the reason why I helped begin the original version in 2000. Namely, the realization that with established literature, nothing is there. A cardboard castle filled with posers and phonies. Am I surprised that the "great" Tom Bissell refuses to defend his smear essay? Not at all. He's a literary con artist, with the facade of substance but not the reality of it. Is he the best they've got? It's scary to consider how far American literature has fallen. Bissell has touchy-feely glibness, and is an artful propagandist able to fool the perpetually naive, but of any semblance of real intelligence he's lacking. Bissell is a herd follower whose ideas are guaranteed to consistently conform with those of the herd, allowing himself no variation, due to his limitations. He better than anyone knows this. In a fair discussion about his essay-- or literature in general-- the paper facade would be exposed for all to see.
Why restart the ULA? Because if we got a team together of kickass underground writers, and stayed on track-- instead of disintegrating from internal disagreements (or our own poverty)-- we'd rip through the paper established literary scene of today. Constipated arrogant personalities living in a make-believe world of self-importance, sincerely believing they're "great" writers and thinkers.