Sure, but you still don’t need an army to create it. A few clever people is all that is needed. Besides, they had roughly the same burn rate for years, long before MQAir ever existed, and I doubt it was in development for so long.
As for the value of MQAir itself, that is another’s highly debatable topic even though technologically it looks impressive. However, making a “perceptually lossless” codec that encodes ultrasonic still doesn’t make sense. It doesn’t for MQA, nor for MQAir.
If it was that easy to add a 20Mbit/s extension to Bluetooth, then more bandwidth, if not that much, would have been added a long time ago. I suspect that it was in development for several years. My point was in addition to other answers given to the question of where the money was going, as well.
MQAir seems to have been an attempt to embed the MQA codec into Bluetooth. It's the last place where compression of that sort may have been needed, so a last throw of the dice as it were. Reading between the lines, the fact that MQAir suddenly turned into SCL6 at more or less the same time as the company went into administration would indicate that MQA in Bluetooth was not going to be acceptable as part of the standard, so the codec may have been removed with the rename.
The value of a low energy, high bandwidth codec in Bluetooth depends on where the people who actually drive Bluetooth want to take it. I doubt the more practical members of the consortium just want to make a "high definition audio" Bluetooth. File transfer speeds could be increased, we could see Bluetooth video or better spatial audio.