It's been very quiet about Bayonetta 3 since it was announced back in 2017 and today, almost three years later, we still haven't even seen a single screenshot from the game. This usually means that the development hasn't been particularly smooth, and recently, there have even been rumours claiming Bayonetta 3 to have been cancelled.
Fortunately for us, this doesn't seem to be the case. In a recent interview with VGC the director of the game, Hideki Kamiya, had this to say as a reply to the question regarding the status of Bayonetta 3:
"I'm on Twitter so I see a lot of comments every day. I'm happy that there's still anticipation for the title, but one thing I would like to address is the trend I'm seeing which is people who are starting to ask if the game has been cancelled. I want you guys to take any concerns you have like that and throw them out the window immediately because we're still hard at work on it and it hasn't been cancelled by any means. Please look forward to it!"
PlatinumGames has launched a couple of re-releases recently (Bayonetta & Vanquish 10th Anniversary Bundle and The Wonderful 101: Remastered) and right now the studio has three more or less known projects in development; Project G.G., Babylon's Fall and of course Bayonetta 3.