Not saying it doesn't deserve a release, just that it's a tough sell. Kingsley, and especially Conrad Hall aren't exactly names that "move product." The only way something like this gets released is because someone with pull loves it - either within Paramount itself, or a third party distributor...
Hopefully, it's the latter, especially when it comes to something like Searching for Bobby Fischer, which is the kind of film least likely to get a blu-ray release. It's not recent, there are no big names in front of or behind the camera, it's not a cult or genre title.
Well, Top Gun, War of the Worlds, Days of Thunder and Fatal Attraction have all been upgraded to 4K digital. For some reason, Flashdance and To Catch a Thief haven't - at least not yet.
I think it's more likely that Paramount doesn't believe these titles would be profitable in 4K, though I would think Flashdance would sell more copies than Days of Thunder. But maybe their sales data says otherwise.
Those are all pretty big sellers, with the exception of Deer Hunter, which has been licenced out by the studio. It will be interesting to see how the smaller labels do with UHD. I seem to remember reading something about Kino being disappointed with the sales of their 4K Hannibal disc.
But the thing is, would 4K discs of older movies actually make any money? We know that blu-ray catalogue titles typically only sell a few thousand copies, so 4K discs would probably only sell a fraction of that. I'm not sure if there's any profit to be made by releasing anything but the most...
This is my best guess as to what Paramount is likely to release. All of these have existing 4K masters:
Trading Places
Coming to America
The Italian Job (1969)
Escape From Alcatraz
The Court Jester
Romeo and Juliet
Roman Holiday
Chinatown
A Place in the Sun
War of the Worlds (1953)
Paramount films with currently available 4K DCPs:
https://www.parkcircus.com/explore_films?query=&format=4K%20DCP&genre=&decade=&territory=&language=&rights=&studio=Paramount