IGN interviewed Gearbox President Randy Pitchford in IGN Unfiltered and various topics pass the revue. One of those topics is why there is such a long wait for the next Borderlands game. Randy mentions that Borderlands is very important to them, however, if they were doing Borderlands 3 they want it to be a big step up. While Randy does like Borderlands the Pre-sequel he knows that the next game has to step up its game. The team is figuring out how they can do that and then make a proper announcement and set expectations.
The full interview with Randy Pitchford on IGN Unfiltered