Responding to questions about Bayonetta 3's development, PlatinumGames founder Hideki Kamiya appears to suggest Nintendo is the one that will decide when Bayonetta 3 gameplay will be revealed. Bayonetta 3 was originally revealed with a cinematic trailer during The Game Awards 2017, but it hasn't been seen since.
It seems that the reason for Bayonetta 3's absence from gaming events could fall on Nintendo's shoulders. Series creator Hideki Kamiya told VGC that the decision to show Bayonetta 3 isn't PlatinumGames' "decision what to say and when to say it." He stressed that PlatinumGames wants to show it off and that the studio is "really, really waiting to release it too," but the when and where evidently isn't up to the developer. Studio head Atsushi Inaba also said development is going well and there are no causes for concern, stating, “There’s no need to worry. Don’t worry about it at this time. Everything’s OK.”
Most recently, Bayonetta 3 skipped E3 2021, with Nintendo explaining that the hack and slash sequel simply wasn't ready to be shown yet. Series developer PlatinumGames has maintained that development on the game is progressing smoothly and that it hasn't been canceled, despite many rumors to the contrary. This isn't the first time that Nintendo has revealed a game before delaying the project, as Metroid Prime 4 got a logo reveal during E3 2017 prior to the entire project being rebooted at a new studio, and no gameplay or cinematic footage has materialized in subsequent years. Fans have been left wondering whether Bayonetta 3 or Metroid Prime 4 will hit the market first, or if either game will be doomed to be cancelation. There are rumors that a Nintendo Direct will take place next week and the time may have finally come for a Bayonetta 3 reveal, but the final say seems to belong to Nintendo.
Bayonetta 3 is currently in development for Nintendo Switch.
Source: Video Games Chronicle