Sony isn't a fan of ballooning budgets and inflated development timelines, as it's reported that many major studios under the PlayStation banner are now under greater scrutiny by the platform owner. This includes the likes of Bungie and Naughty Dog.
This news was first sparked by journalist Jason Schreier stating that the reason Sony hadn't greenlit Destiny 3 was because of cost (via TheGamer). Schreier was then asked why Sony had a particular issue with the Destiny developer Bungie, to which he said that a studio like Naughty Dog would also have a more watchful eye on it, making sure costs and development timelines don't go too far.
This was taken out of context, as some mistook Schreier as stating Sony only had an issue with Naughty Dog. He later clarified his statements, saying that the point he was trying to make is that Sony is now increasingly concerned with swelling budgets. This isn't too surprising, but it does explain why we've not seen Destiny 3, and may never see it if the doom and gloom around Bungie is to be believed.
As gamers continue to criticise the PS5 generation for having "no games," it appears Sony may no longer allow its studios to release one game per generation, or spend half a billion on their latest masterpieces. We'll have to see if these concerns from Sony show any consequence in the coming years.