4Game

Assuming that there is no budget constraint and you have total creative control, would you be able to come up with something that rival Arcane.

Personally I couldn't think of that many story in Dota Universe that would be just as good. Still its unlikely Riot had such an elaborate lore planned before the show, so my personal picks would be a show about Tyler Estate involving Anti-Mage and Silencer.

Its still a typical battle shonen, but it could be potentially good provided the show is well written, and by using the more interesting Dota characters like Rubick, Mireska and Monkey King.

But for something unique or new, I like to see a sports-anime about Dota 2 Esports. You could adapt OG from their start till TI-9 run, while taking some creative liberties. Start with washed up pros from a dying game(HON) trying to break into a more lucrative e-sport/game. Use Dota 2 Matches as a substitute for your sports mind games (similar to YugiOh) and use in-game animated battles for action and fight scenes. A lot of Dota 2 players also work great as standard character tropes (Prodigy Miracle, Stoic Fly, Typical Shonen Protag Notail, King Sumail, Shy and Underconfident Ana).

It likely won't be as popular as Arcane, but it would be different than typical western animation and could open Dota 2 to new players, provided it is done right.

P.S If you still haven't watched Arcane due to its association with League, give it a shot. Riot definitely put a lot into making it great, and it is one of the greatest animations West has produced.