Could be A, could be B.
As far as Sailor Moon goes, Madman is said to have (for at least the first season) gotten Dynit’s masters and synched up the Viz resources to them. Dynit’s release (aka the R2IT) is pretty much the platinum-iridium standard for the series.
TMS has their issues but they’re plenty competent enough with their remasters. (Lupin III, Magic Knight Rayearth)
Tell that to the “remastered” 4K Ultra HD releases of Tomorrow’s Joe 2, Space Adventure COBRA, Lupin III: The Mystery of Mamo and The Castle of Cagliostro.
They are DNR’d to hell and back. It honestly looks like the dreaded Blu-ray remaster of Disney’s The Sword in the Stone.
At least Studio Ghibli’s standard 4K remastered Blu-ray (not Ultra HD) of The Castle of Cagliostro is still on-print and despite being the same 4K remaster as the one on the UHD, the DNR isn’t excessive as in the Blu-ray, retaining some fine grain even though it has a moderate amount of DNR.
Also, what I’m more concered about is that there are rumours that Toei’s Blu-ray releases of some of their much older animated movies (like '60s and '70s) like The Great Adventure of Horus: Prince of the Sun, are LaserDisc upscales.
I don’t believe this since the Blu-ray for Horus has some better detail (though not drastically) than the DVD version.
And also, Studio Ghibli had a 36-bit colour grade of Horus in Panasonic Master Grade Video Coding (basically an earlier, primitive version of HDR) for the Isao Takahata box set so it’s less likely that it’s an upscaled LaserDisc master.