Jez Corden - inXile's new RPG is codenamed Project Cobalt
https://youtu.be/FcwZRfgAHpg - 2:38:05
It's a steampunk RPG, which inXile themselves teased would be first person earlier this year on twitter. It's also being made in UE5. There's no date given yet, however Jeff Grubb did say inXile's new game is internally scheduled for 2023, so chances are this is it.
We have already known inXile is working on some type of steampunk game, but whether that was their first project or their second was uncertain. Looks like it is probably their first.
Brian Fargo is the founder of inXile, and he was also the founder of Interplay, the developers of Fallout. Though Chad Moore seems to be the creative director of the project. Pretty exciting though!
inXile is apparently growing very rapidly in numbers, so expect this to obviously be a much bigger game than Wasteland 3
-Random side note but Jez also says MS has 6 3rd party published games in development that he has documents for, and 2 more he's recently heard of