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They can't release on Steam because it has to hit a certain sales threshold (they owe Epic money) but it's selling lets say "slowly" so it's taking a long time to come over. There's still no real great reasons why this shouldn't be selling at least reasonably well on the PS5/XSX. It hasn't sold enough to pay back the budget that the developer owes to Epic.

This also goes to show how many hoops a medium sized dev has to jump through to get a "good looking" game made ... these studios can't afford even budgets of like $80 million. They don't have that kind of money themselves, so are beholden to whoever will finance them, which is another problem with rising budgets.