The reality is that nobody knows exactly why without insider knowledge but here are several factors that could contribute:
Business decisions by higher ups about where to allocate development resources or when they want to release a game could slow down production or simply mean they weren’t really working on it much for a while. Different game companies have very different business strategies leading to very different use of resources and goals for releases and this can change drastically if management changes.
Rockstar is one of many game companies known for having poor working conditions so the assumption they have easy access to top rate talent may be innaccurate, they could have been lacking in experienced developers to lead the project for a while.
Unforeseen development issues which can take any number of forms from technical issues to loss of equipment to loss of key people. The delays these issues cause often multiply, it’s usually more complicated than just redoing all your work.
They also made several very low quality remasters to ‘cash in’ on the franchise in between making new games which may have influenced the business decisions or sucked resources away from making a new one.
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