As others have said, there's a spectrum of success vs. failure. Concord and Highguard are at the extreme end of failure. Looking at the sales and SteamDB numbers, Marathon is not at that end of the spectrum. But the studio that made it is an order of magnitude larger than the Highguard team, which means the game needed a much bigger reception to break even. It clearly hasn't gotten that. They needed as big of a reception as Arc at least, and they aren't going to get anywhere close to that.
This game seems close to Veilguard level failure, which EA was pretty clear about a few months after launch. It's got some sales, and some people are enjoying it, but there's no way this thing supports a studio of 800+ people. Either Sony is going to gut the studio, or they're going to have to pony up another half a billion dollar bet on Bungie's next project. How likely do we think that is given Sony just killed BluePoint - a studio of 70 people?
I'm not one for grave dancing. I don't want to see anyone lose their job. I don't want to see a game killed that people are enjoying. But there is some catharsis for those of us who felt this was a dumb idea since it was announced. Just like Concord and Highguard, I hope the reception of this game sends a message to the decision makers that chasing GaaS is not worth it. I hope they can refocus whatever is left of Bungie on a new single-player game. I don't think that will happen, but I wish they would try.