I get it. I really do. The Last Guardian was revealed before it was really ready, and some things happened that put the game in a vicious development cycle of possible cancellation, hiatus, and likely re-purposing or restarting game development completely. I understand how now, especially considering how revered Team ICO is (was?) after ICO and Shadow of the Colossus, Sony wants to make sure the game is ready for a reveal so they don't further hurt the game's reputation. If they were to show off The Last Guardian 2.0 and somehow have another setback, it would be even more catastrophic. I really, honestly understand.
But at some point you need to either fold or go all in. How long can Sony continue to develop a game that even at its most fervent hype levels probably wouldn't have sold phenomenally well? The longer Sony waits the more it costs both in development costs and consumer trust/loyalty/interest/etc.
At this point, I think the worse thing they can do is to cancel the game - even worse than releasing a mediocre game - because they have adamantly stated the game won't be cancelled. Sony needs to show off the game at TGS, because if it's not far enough along by then to be shown off then that means the game is somehow still in relatively early stages of development. Either the game is reasonably far enough along, and it would take some effort to polish up a piece of the game for TGS and crunch to make the deadline for release (next year?) or the game is in such a nascent or broken state that Sony needs to cut its losses.
The ironic thing is, I'm not even all that excited in The Last Guardian. I certainly love Shadow of the Colossus, but I'm not the biggest fan of ICO and overall the development hell off The Last Guardian leaves me highly skeptical. In all honestly, more than anything, I just want this saga to be over.
This is bonkers.