I don't think consumers were the target of the scam; if they were, I don't see a reason why they wouldn't have accepted pre-orders for the game. In fact, I think they know that accepting pre-orders would have left them open to false advertising lawsuits which is why they didn't go for them, and I think they were well aware that people could just refund the game so trying to scam consumers (in this instance) was probably not worth attempting.

Instead, I think the investors were the target. The brothers who own(ed?) the studio have been living off investor money for the last few years, and which how suspicious their finances are (their ludicrously high travel expenses, in particular) I'm sure they've hidden away a bunch more money.

The game that exists is a shameless, cheaply-made asset flip that I suspect only exists at all because it makes it much harder for investors to sue for fraud when there's an actual product. If they'd just tried to take the money and run without releasing anything it'd be obvious fraud, but now they can claim they tried their best, expectations were too high, etc, and it's difficult for the investors to prove otherwise.

This just feels more like incompetence rather than malice.

Yeah although I would argue one does not preclude the other. As in, of course with Hanlon's Razor, this is because of incompetence not malice. But it's also a scam, just one born out of not being any smarter/better.

I'd agree with you but then you hear about all the sketch shit with the discord and the volunteers. I think they intended to make a game but planned for it to just be a quick cash grab and then they could just slowly dump it. It's honestly a great strategy, just look at every game the atlas devs have made. They've basically mastered the strategy.

Scam is still scam, they could have been realising true gameplay trailers instead of wasting time on rendered false gameplay that does not reflect a game at all

Technically yes it's still a scam. It's just one that didn't pan out for them. In this one particular instance anyways. It will continue to work for others.

I mean, it still would represent an attempt at a scam