Here's Why TimeSplitters: Future Perfect Got A Ratings Change, 19 Years Later
Briefly

The ESRB mentioned, "The game was recently re-rated via IARC as part of new releases on modern consoles; the Xbox.com rating was updated to conform to those new ratings." This indicates that the ESRB's original rating, which was assigned back in 2005, remains unchanged for the physical copies, while the digital version was rated by a different coalition, creating a discrepancy.
An ESRB spokesperson explained, "Our website lists the original physical/retail releases of the game for GameCube, PS2, and the original Xbox from 2005." This emphasizes that the ESRB's ratings reflect the original titles, as opposed to the newer digital versions being rated by IARC.
Fans expressed confusion about the ratings change, as both ESRB and IARC seem to have differing standards regarding the assessment of content in games, particularly regarding blood, gore, and violence.
The disparity in ratings leads to questions about the criteria of both the IARC and ESRB, leaving fans wondering how a game can retain its original rating while also being rated at a lower level on modern console platforms.
Read at GameSpot
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