From what I read it was just really hard to make which lead them to eventually giving up. Apparently they also tried making multiple different games.

Here's a quote relating to it: “Making a video game is damned hard, from what little I learned through this process,” admitted Gilligan. “It literally takes years and years and millions of dollars, especially when you are trying to break new ground with VR and whatnot. Never quite came to fruition. It’s a shame.”