I enjoyed Valerian and had high hopes, but felt like it fell short. The lead actors just didn't do it. I couldn't put my thumb on it until I realized the parts I like most, were from other much better actors. As a Fifth Element fan (so much so its my custom game theme) it was a bummer. Visually great, still enjoyed it, but didn't reach the bar of the Fifth Element or the Professional. However believe its ultimately because the right actors would have put that already large budget movie out of possibility. It was a risk I can agree with, but he had the same problem with 5th element and was able to get better actors with residuals, which worked out really well.

Back to Bladerunner 2049, I was VERY happy with the sequel. I felt its stands up entirely on its own but doesn't ignore the original. I'm a fan of long slow movies, so didn't mind the pace. the world building, production, story, and acting were all as good as the original and went back to the theater to see it large screen one more time.

My guess is that the backers of the project see it as a break even or a loss. In Hollywood terms its a loss because they all feel like they should have invested in another Blart Mallcop movie and racked in the stupid cash. The only hope IMO for a future installment will be a pile of oscars and some private market frenzy, both of which are probably a toss up.

Its a real problem that hollywood and the era of superhero blockbusters have given them an expectation that the only movie worth spending money on, is one that will produce swimming pools of cash. That doesn't bode well for a movie that can proffit but not at that level.