I thought that was the way for them to say it was more of a passion project than a full AAA film. Like, when directors know the material and do a trial run of what their view is to test the waters for a massive sequel.
Deadpool started out on an insufficient budget and only made it because of fans. The 2nd one did better but fell short. The 3rd one knocked it out of the park and set the franchise up for greatness.
Bioshock can become a fantastic movie franchise, if it doesn't die in infancy.
He's filming something else, so it's still in development hell.
I originally wanted to say "it's an action game, a low budget, drama adaptation will suck" but maybe it can be like event horizon being a Warhammer 40k movie; having it be set on new years eve 1959