Well according to the link and another below - it's all about studio politics. The film was intended for streaming, then expanded as a cinema release but in the end fell short of being a cinema blockbuster capable of taking on the MCU. So the new management shelved it, along with other projects, and will seek to get their money back using it as a tax write off.
Neither of the links mention poor responses at the previews condemning the film - though I guess if it had been greeted with great enthusiasm they might have given it a shot. But we'll never know - it might be that a few criticisms were seized on by the new management as the excuse they wanted to do what they wanted - chuck out the stuff developed by the previous management team.
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