I think I'd enjoy a chupacabra movie, if it was done right.
B-movie absurdity would be great. So stupid would something like a cryptozoology study gone wrong.
But, in my head, I'd love to see one that's about chupacabras hitting a critical mass, and being discovered to be like vampires in the way they make more of themselves, transforming their victims. That would be why there are conflicting descriptions of them; if they suck a goat, the goat still looks a little like one. A coyote, or dog, or bear, or cougar, or whatever would still have some characteristics of the original animal, but be deformed in the same ways so that they're distinctly chupacabras anyway.
Maybe give them a kind of communal intelligence, where whatever it is that makes them what they are has a drive to expand, and every creature it transforms increases the intelligence a little more.
So, not only are they a threat individually, and as a mob/pack, but if they aren't stopped, they could take down the world.
Kinda part zombie apocalypse, part vampires on a tear, part monster movie
Edit: damn it, now I think I'll have to write something like this. Dunno if I'll shoehorn it into my current project, or make it its own thing, but I'm seeing this in my head now.