I don't know a single Borderlands fan that asked for or wanted a movie. Most of us know that writing in the games is usually the weakest part of the game. Out of four games (five if you count Wonderlands), only Borderlands 2 had a decent story with passable writing -- but even then it relied heavily on puns, innuendo, and juvenile humor. This was never a game that would have translated well to a movie... and especially not with this cast. I give Cate Blanchett credit for learning how to play games so she could play the actual Borderlands games and 'connect' with Lilith, but she was never going to do well.
Then there's the fact that Borderlands 3 is years old and had a middling reception. It's not like this was a blockbuster gaming property.
At best, Borderlands would have worked as an adult-oriented, cell-shaded cartoon series. Something like a potty humor version of the Heavy Metal movies of old.