That's like 3 times the headcount of insomniac which will release their fourth full game by the time marathon might come along. Why do they have so many people compared to other studios which release more games more regularly.
When acquired, Bungie was working minimum the yearly expansions of Destiny 2, Marathon and minimum one new IP.
2-3 years ago Bungie's plan was to release "at least one" (so maybe more than one, meaning that other than Marathon and Destiny had something else in full production) new IP -counting Marathon as new IP- before 2025 (or depending on the specific quote, "by 2025"). They had Matter trademarked since 2018, and updated the trademark in 2023, meaning they still plan to use it so the cancelllation claims in 2022 from IGN are fake news.
So they had under development minimum:
- Destiny 2 The Witch Queen
- Destiny 2 Lightfall
- Destiny 2 The Final Shape
- Marathon
- Matter
- Some prototypes under incubation
Since then they almost doubled their headcount, so very likely they are working on more new IPs, like the game they hinted in a job offer (nicknamed "Gummy Bears" by the rumors) if it really isn't Matter as the supposed leakers claim.
And obviously Sony won't want to kill Destiny with The Final Shape, they will want to refresh the Destiny IP pretty likely with a Destiny 3.
They also mentioned that Bungie wanted to expand their IPs to movie and tv shows and Sony were going to help them with this, so maybe they are already also working on adaptations to the cinema of their IPs.
Bungie also had a deal with I think was Netease, which I'm not sure but I'd say it was for a mobile game. If not developed by Netease itself, maybe Bungie is developing it in-house too.
No, GaaS made Bungie more successful than ever before.