Guessing it didn’t enter full production until after Starfield, which itself had a delayed launch. Bethesda has a lot of money, especially under Microsoft, but their core studio (BGS) is still a comparatively small team, likely no A-team/B-team development pipeline.

I’m guessing development of the game is well underway at this point, maybe aiming for a release in the next couple of years. But development is always a dice roll of whether a project goes smoothly and launches on time or if speedbumps might necessitate changes in plans.

Despite the “trailer” for Elder Scrolls 6 that is already 8 years old at this point, Bethesda typically does not start hyping their projects until they’re fairly close to completion (e.g. Fallout 4, first trailer in June 2015, release in November 2015). Starfield was intended to be similar, with its first real trailer (something more than just a title card) in 2021 and a planned release in 2022, though the release was delayed a year by Microsoft for polishing, which I am guessing it desperately needed.

The Elder Scrolls 6 title card reveal, from that same showcase where Starfield got its token title card reveal, was more of a statement of commitment that the series wasn’t dead, not necessarily to show off the results of a project in process. So I’d anticipate that when we do actually see some tangible material from Elder Scrolls 6, its release date will not be too far off. You know, barring delays. But that’s maybe the only optimistic thing I can say about the game right now.