Supermassive doing layoffs is somewhat surprising. Not owned by a giant megacorp looking for short-term shareholder value increases. Their games are generally via the traditional publisher route, so budgets agreed in advance and continued based on milestones. Plus the founders left last month. Don't have good answers for their layoffs.
So many businesses operate on debt and investments. "If you're going to gamble, do it with somebody else's money." A lot of opportunities to acquire funding for developing video games have just dried up.
It's a shame for everyone involved, but at the same time it doesn't feel that surprising. It doesn't feel like their games after Until Dawn reached the same level of success. I remember the Dark Pictures Anthology getting mixed reviews as it went on and I don't really remember much about the Quarry's reception except the hype around it being the next Until Dawn.