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It may be wrong to say we need a better Erlang, but for modern web development we certainly could use a fair bit more compiler enforced type safety for writing more correct programs. Mostly due to the lack of a proper type system, Erlang is not particularly expressive as a language, although its primitives (processes & message passing) are well geared exactly for what it focuses on.
Erlang focuses strongly on fault-tolerance and subsequently on high availability, but I'm not sure this perk is so significant benefit anymore compared to various other runtimes spinning the wheels of your typical web server in a cloud setup. We rarely need to write servers anymore that keep running for many years straight without a restart, only patching code via hot reloads.
Just my take but since you asked, trading some fault tolerance for more correct programs would therefore probably be a fair trade-off for a new kind of Erlang.