The original Baldur's Gate 3, called "Baldur's Gate 3: The Black Hound" which got cancelled years ago, would have had absolutely nothing to do with the first two Baldur's Gate games either. On top of that, that game was going to be set far away from Baldur's Gate, in the Dalelands.
Why do you think it got cancelled? Because BG3 didn't need to be made. It really still doesn't.
Baldur's Gate: Cult of the Damned
Baldur's Gate: Avernus
Baldur's Gate: Ilsensine
or many other options would have been better than BG3, which sets up entirely different expectations.
