People don't seem to realize that Platinum have been on life support for a long time.
Let's take a look at their back catalog:
That's a very mixed output. Their peak was from their inception until 2014. They churned out hit after hit. Then presumably the money ran out, so they had to take on a shitload of licensed properties from Activision to pay the bills. They had a minor renaissance with Nier and Astral Chain but by and large they are a failing developer.
Scalebound was cancelled due to mismanagement. Their years of work on Granblue Fantasy: Relink has presumably been thrown out the window after Cygames parted ways with them in 2019. Cygames have been developing Granblue in-house now for 3 years, so i'd bet there is nothing left of Platinum's code.
Babylon's Fall beta impressions are that it's a literal 2/10 game, which is very concerning since this was meant to be just Nier with GaaS. They created a new studio in 2020 specifically to help with this and already it's a failure.
Add in the fact they are losing talent. They lost their CEO this year. They lost Yusuke Hashimoto. They lost the westerner Bayo 3 lead designer to Tango Gameworks. And speaking of Bayonetta 3, even that looks safe as hell (toning down some of the signature sexualization if the recent reveal was any suggestion).
Like many JP developers (Nagoshi, Grasshopper) Platinum are even whoring themselves out to the Orient to stay afloat. They partnered with Tencent in 2020, which is basically signing a deal with an organ of the CCP.
Face it, the party is over for Platinum. Maybe Kamiya can beg Microsoft for forgiveness and Phil Spencer can buy them.