For those who may be curious about what the development process for Bayonetta 3 is like these days, we got some good news. It's going fine. In a brief interview with Ryokutya2089, Platinum Games' Hideki Kamiya and Atsushi Inaba discussed how things are going with the game. A few different sites have taken a crack at the translation and gleaned a few highlights. We learned that the series was originally going to be developed for the Xbox 360 with no thoughts on the PS3. They weren't sure what console would be best for them, so they took the easiest route for development.
Kamiya said that "Bayonetta 3's development is progressing smoothly" and that "there's a lot of info hidden in the teaser announcement in 2017." So for fans who want to spend all their time going back and trying to decipher what could possibly be in the game, the door is open for you to do so. Hopefully, we'll get some kind of word during E3 2020 about whether the game will be out in 2021, but for now we're guessing 2020 is officially off the table.