The layoffs at one of your studios most able to ship games is a bonkers, stupid decision; but pivoting Obsidian to making a new Fallout game is a good business decision if you don't care about what your creatives feel led to create.
Previously, Sawyer had been directing a roleplaying game that was similar structurally and thematically to Fallout but was not part of the franchise.
I almost wonder if they knew this might happen and Josh was in pre-production on "totally not Fallout but actually Fallout" as an insurance policy. Also, Tim Cain actually recently came back to Obsidian full-time - which may just be a coincidence, but is very convenient for making the argument for them to be given the project.