It needs to be incredibly, uncomfortably, and terrifyingly racist.
That's the essence of the fear in a lovecraftian work, and unless they incorporate it correctly the adaptation will always fall far short of its mark.
People shouldn't walk out of a lovecraftian movie saying "wow, that was scary, the cgi monster was really cool," they should walk out of the movie in silence. They should feel anxious, they should feel disgust.