This is no surprise. Remember that Paramount were talking to Hasbro about creating a shared universe with this, Micronauts, ROM the Space Knight, G.I. Joe and Transformers. They even had a writer's room for all this. Paramount wanted to go all in cause they're still bitter about losing MCU distribution rights.
Then the last Transformers underperformed big time. Looks like it's back to the drawing board but they were gonna do this eventually. These assholes are still trying to make a Monopoly movie.