Last few years I’ve been excitedly waiting for sequels from several small-to-medium sized studios that made highly acclaimed original games—I’m talking about Cities: Skylines, Kerbal Space Program, Planet Coaster, Frostpunk, etc.—yet each sequel was very poorly received to the point I wasn’t willing to risk my money buying it. Why do you think this happens when these developers already had a winning formula?
Institutional knowledge is a real thing and also like you said, the first KSP started as a passion project. There’s a huge difference in terms of pressure and expectation between developing your own passion project compared to developing a sequel of a highly regarded game.