Due to the way Steam refunds work I feel this wasn’t their end goal unless they really didn’t think it through at all.
The theory i subscribe to is that they intended to release a “decent” game but had no experience or intent to make it themselves. The marketing hype machine was to build community hype, which would drive investor funding so they could pay for new talent or to just outsource most of the work. I’m guessing that either didn’t materialize or they mismanaged that plan.