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I think it was more statement more then anything else. Of all the ''big'' games they could have swiped up at the time Bayonetta was probably one of the more obvious choices on paper, relatively low budget (tick), super reliable and fast developers (tick) and appealing to a more hardcore demographic (tick).

Realistically hack and slash is niche, GOD of War is the exception. Even past devil may cry's didn't have huge blockbuster numbers.