According to Bloomberg, development on Redfall started in 2018, around the time that ZeniMax (which owns Bethesda and subsequently Arkane Studios) was looking to be acquired by another company.
Arkane Studios has long been known as a studio that makes games that have devoted fans, but are overall commercially unsuccessful.
Ultimately Redfall did launch as a multiplayer game, though improvements are meant to be coming to the game.
Unfortunately, though, Redfall launched in a rough state, things being so bad that Xbox head Phil Spencer had to comment on the matter.