Until they release details of the new IP, to me it seems like too much $$$. Hope Sony knows what they're doing.
Whether they spent too much is likely going to depend less on whatever Bungie's next project is and more on how Sony is able to utilize their live-service tech and experience in games that are part of their live-service plans. Personally, I hope it all crashes and burns so hard that it kills the entire god damn concept of live-service games across the entire industry.