I think the problem lies in the fact that they really would be 'nothing new' just merely a re-worded and re-titled version of an existing fable or fairy tale.
For example, The Stinky Cheese Man (1992) is widely accepted as a contemporary fairy tale, but is itself a parody of The Gingerbread Man.
Perhaps years ago people were more imaginative and had a greater belief in religious values, monsters from the deep and from within. Pinnochio was written in 1883, that's about as contemporary as it gets isn't it (but even that was a reworking of Decameron by Boccaccio in 1353). Perhaps Alice in Wonderland (1865) could be considered a faery taile (althoguh some say a horror story)...?