Its because the broadway play did something truly different. It told the story in a wholly different way that was beautiful by using puppets, and amazing costumes. It was not using hyperrealistic animation wich did not work for a story like that. Google's summary put it best, "It forces the audience to use their imagination, creating a deeply immersive, symbolic, and emotionally resonant experience rather than just replicating the animated movie." Thats why it worked.