This has been going on for years – I don’t think we’re ever going to get a new Bill & Ted film. The following quote from Keanu Reeves when asked about the delay and more information at this link: SlashFilm
It’s a long story. There’s lots of subterfuge and conspiracy theories. There’s a whole thing… I might have to do one of those independent press, conspiracy, other-name kind of [statements] explaining why it hasn’t happened yet, because it’s pretty dark out there.
Reeves confirmed that “there is [a script],” but added, “There’s all sorts of stuff and it just can’t — it’s just — there’s darkness out there that’s keeping it from happening.” He later continued, “It’s not winning right now. It’s that part of the story where it’s looking grim. It’s the dark period of the idea!”