I guess it all depends on how it was recorded. If it was filmed with cinema cameras, you can scan the negative at 4k or even 8k and get a better transfer. Living on a Prayer Video 4k is the example.

But if they recorded with professional TV cameras from that time, they could not do it. There are programs with AI that can very well remaster images recorded with TV cameras to convert it in 1080p and 4k, but I don't think it works in 4k. At least not with those results.

Recently they remastered some Bon Jovi videos for youtube, like Its My Life in hd 1080p, well, they actually used an AI program and upscaling. The result is not as good as Living on a Prayer.

The good thing about the whole thing is that most videos (80s and maybe 90s) were filmed with cinema cameras. Live from London for example was filmed with 16mm cameras. So they could make a transfer in 4k. An evening with Bon Jovi is filmed with TV cameras, therefore I don't think it can be done, although it could be remastered with AI for a 1080p transfer... using AI programs.