The problem is that this is not a movie.
It's an advertisement for future movies.
The main focus of the production, from the very start, wasn't to make an good entertaining movie but to make a superhero shared universe.
All the cool kids have a superhero shared universe so Universal wanted one as well.
What's the worst thing about this is that nowadays, horror movies are making tons of money.
Conjuring 1 & 2, Anabelle, Get Out, Split, Don't Breathe, Lights Out, all of them made some serious profit on tiny budgets.
Even the bad horror movies make money (and even if they don't, the budget was small so it doesn't matter as much).
How about a HORROR shared universe?
They could make all of the movies for the cost of one blockbuster and people would eat that shit up.