The most merciful thing in the world, I think, is the inability of Hollywood to connect all its movies. We live on placid islands of stories in the midst of many genres, and it was not meant that we should bridge these islands. The writers, each straining in their own direction, have hitherto coordinated little; but some day the piecing together of dissociated characters will open up such terrifying vistas of marketing, and of our frightful helplessness to oppose them, that we shall either go broke from the heirs of the MCU; or flee from the entire concept of the shared universe into the peace and safety of low-budget indie films forever.”
They will find a way to shoehorn in some bullshit 'racism bad' angle to apologise for H.P. calling his cat Niggerman.
Point of fact. Lovecraft's father named the cat.
n the Mouth of Madness is another good pseudo-Lovecraft adaptation from John Carpenter. It is even more directly influenced by Lovecraft than The Thing.
Indeed it is. But I would go further and say that Carpenter's
Prince of Darkness is an even more Lovecraftian movie. At a surface level the Christian symbolism and characters might seem contrary to the Mythos but that very same religion is depicted as superficial and incomplete and the theme of facing something unknown and potentially unknowable is even stronger here. The theme of ItMoM is madness (of course!) and that's very Lovecraftian. But Prince of Darkness has more of the cosmic. I'd say perhaps that Lovecraft's protagonists going mad is a response to the cosmic horror more than the centre of the story itself so to me this is the (slightly) more true to Lovecraft film.
I actually own and adore both of the H P Lovecraft Historical Society's adaptations of
The Call of Cthulhu and
The Whisperer in Darkness. They are both something of a love letter to his work but whilst the first is great fun and well worth watching as a silent movie amateur production, the latter is - despite minimal budget and some quite bare sets - verging on a proper movie. The cast obviously care about the movie, barring some minor and very sensible amendments to turn it into a film it's true to the story and certainly true to the themes, the black and white style suits it well and if the effects are a little Ray Harry Hausen they're no less fun for that. It's honestly a pretty good time and I recommend purchasing it to any Lovecraft fans.
I guess on the subject of adaptations I'll mention a couple that I think others might not have considered as Lovecraft movies but which have some resonance, I think. Hell, I'll start with the least likely -
The Watcher in the Woods. This from back when Disney made light horror films like The Blackhole. Whilst obviously much more kid friendly it has elements of the unknowable, the cosmic and inhuman minds and other worlds.
Spring by Justin Benson is a low-budget horror with tendencies towards being Art (I mean that in the pejorative sense) but I mention because it has some themes of pre-civilisation cultures and unknown vistas of knowledge. I might just be showing off how obscure a movie I'm aware of though!

Do we count The Mothman Prophecies? It sort of works given the alienness of it all. Is the Mothman a Meego? I never thought of that before but it would be weirdly suitable. I think The Wickerman (original of course) is discounted only because it doesn't actually have supernatural elements. The weirdness of a cult and being out of place fits well, though.
Anyway, we can but hope that if this goes ahead it will be true to Lovecraft. We will probably never see Guilermo del Toro's
At the Mountains of Madness which might have been our best ever hope to get a real big budget Lovecraft adaptation by someone who really cares about it. For which we can blame Peter Jackson who I will probably punch in the mouth because of it if I ever meet him.