More the latter, but also some bad development decisions. The scope was too big and making new areas and enemies (that all had to have a million different animations) was a huge timesink. I was also single and living with my parents at the time, and had way more free time than I do now.
I’m still working on games, but I have a more healthy respect (read: fear) of large-scope projects like this one. Maybe someday I’ll revisit it in a much less ambitious format.