From what I can see the engine itself, and some of the animations and music (IE, the boss music) is re-purposed code from a far superior beatemup, Ninja Baseball Bat Man.
actually, hook was before ninja baseball bat man, though you're right that they're both from the same developer (irem, who only had a few other beat 'em ups in their name, including the criminally underrated Undercover Cops)
this game is not great, but it's fun and complex enough to be a better than average licensed tie-in
Well that's pretty solid-looking I guess. The enemies and environments seem pretty same-y, but none of the enemy mechanics looks really cheap except maybe the minecarts(?) around 7 minutes in.