When the first one was in development, the lead designer was going leave the games industry and go back to university if it didn’t do well. In addition, SquareSoft was on the brink of bankruptcy, meaning this game could very well be the final game either of them were going to release.
I know it was later in the console’s cycle, but the PS3 had Grand Theft Auto V. Yes, GTA5 has been the most recent installment in the franchise for that long.