There has actually been a similar show running in France ever since 1988 (so not long after Spitting Image started) that is still going today, called Les Guignols de l’info. I watched it when I lived there. It was ok but didn’t seem to have quite as much ‘bite’ as Spitting Image, when I watched it at least.
I think the script is what makes or breaks these shows, really. The puppets are fun and often brilliantly made, but to make an impact I think it needs to be as smart and well-targeted as the original Spitting Image was in its prime.