They did know what they wanted to make though, an Infinity Engine revival with a very traditional Forgotten Realms style setting. They viewed that as their ticket, right or wrong, and I think the result was a lot of people realized that's not really what they wanted from Obsidian (again, right or wrong).
Obsidian's prime pitch was Infinity Engine/Bhaalspawn Saga "spiritual successor". IE veterans were their target audience. It was a cheap attempt to cash-in on nostalgia, just like every other Kickstarter "Renaissance" RPG.
What happened was, they just failed to impress their target audience, similar to how BioWare failed with their "spritual successor", Dragon Age: Origins.
These games just stink of degenerate current gen fads, trends and sensibilities. Pretty much everything post-MotB/SoZ does.