If a director ever had a nine-figure budget for a Lovecraft film, would you want him to keep the "unspeakable" and "unimaginable horrors" offscreen to try and respect the source, or would you want him to actually try and show us something unspeakable and unimaginable horrors?
While some may see it as a thick-headed tactic based on "Just tell us what the monster looks like already, Howard!", I honestly think a truly creative director who says "'Unspeakable horrors', you say? Is that a challenge?" would be able to make a far more engaging and even a more horrific film if given the budget to make it.
The most "Lovecraftian" experience I've ever had in a movie wasn't even in a horror/suspense film. It was in the Marvel film Doctor Strange. The shifting landscapes and perspectives created by the dueling magic-users was disorienting to me. I could see everything on-screen in perfect clarity, but even so I struggled to comprehend it. I've never felt like that before: No blurry backgrounds or shadows to hide anything, and yet visual understanding eluded me. Now transpose that mental response onto a "monster" design, and I think you might have cracked a code.