That's not exactly his first night at the rodeo, it was just the one that knocked him off.
Molyneux has a well-documented history of over-promising and underdelivering, most of which generally got swept under the rug because the games that he ended up spearheading ended up being tremendously popular. Doesn't stop the fact that he should in no way be allowed anywhere near the media without a prepared script and someone standing behind him with a gag.
3+ years development of presumably variable team size at industry standard wage, flood repair bills, marketing, physical distribution fees, miscellaneous development costs (licensing fees and purchase of dev kits for consoles and presumably VR), profit-sharing (Steam/Sony/etc taking their cut), marketing, post-release development fees. All those add up even without adding on however much Sony are expecting to take for their 'assistance'. I'm not trying to defend the price point too much, because I do think it's too high, but I don't necessarily think it's unreasonable for them to be asking at that price.
Ideally, they'd want HG to do it with their share of the revenue, but as the game was being pushed as a key exclusive it'd be a bit strange for them to drop it and lose interest the moment it's released. I mean, that might change in the face of how the game was received post release, but I would assume Sony intended to support it post-release.
I guess, to a degree, my expectations of the game were different to those that are unhappy with it.
I always saw this as a game similar in vein to Spore's galactic phase, focused on exploration and discovery, with stuff to do along the way. Sure, some of survival micro-management gets tedious, but it also helps provide a reason to explore and move around. I'm enjoying uncovering parts of the plot like the history of the sapient species at my own pace by visiting ruins and monoliths, and I like the way that you learn more of their languages by doing so. I also never expected nor really wanted any multiplayer from this game beyond the kind of multiplayer available in Spore (imprints rather than interaction). If they sort out the performance and some of the general graphics/engine issues, I can see this being a game I return to to relax and unwind. I still think the game was more expensive than it should have been, but not unreasonably so (which obviously is subjective and largely based on my personal spending ability), but I definitely don't agree that it's a "bad game at any price".