According to TVShows on DVD, that seems to be the case. Shout Factory, the same group that produced the amazing Freeks and Geeks DVD set has supposedly acquired the DVD rights to the 1990 USA Network series. Based on the DC comics character, the series took the basic idea of the character and spun it into a genre heavy series that thrived on a threat/monster of the week theme.
I remember watching this show off and on the last few years of high school. It was just a few years before that I had gotten into the classic Swamp Thing series from DC. Writer Alan Moore took a stock horror character and transformed him into one of the most interesting books that DC had at the time. Rick Veitch continued the trend after Moore left, but the series floundered for direction after Veitch abruptly left. The comic had the character increasing in power to near god-like levels and it was hard to find anyone or anything that could challenge the character.
Several attempts have been made to bring the character back, but all have failed. With the success of the 1985-1996 series and the fact that it help found DC’s now popular Vertigo line, DC editorial have been hesitant to remove the character from his horror filled roots and return him to the super-hero filled DC universe proper (despite the recent, constant pleas from DC editorial). I say let them have the character. Past history and success is keeping the character tied to a formula that a few writers had success with, but others have not been able to duplicate in over a decade. Give someone else a chance to see what they can do with Swampy.