Bethesda has not yet announced Fallout 5 or given a timeframe for when they will complete it. I think it's good since we don't think we'll see it until the end of the decade. In any case, if it's announced anytime soon, it'll be painful, just like with The Elder Scrolls 6.
A lot of time has gone by since the announcement of Elder Scrolls 6. There has not been enough effort on Bethesda's part because they're still working on Starfield, which has caused discontent among players. It's best to keep Fallout 5 under wraps for the time being.
Bethesda should not reveal Fallout 5 until they're ready to show more
Bethesda is very selective about who it hires, just like Rockstar. The difference between Rockstar and Bethesda is that they don't have as many teams involved in their games as Ubisoft and EA do. As a result, games take much longer but are typically much better than anything EA or Ubisoft can produce.
Fallout 5's release, however, is adversely affected by this. Bethesda must finish The Elder Scrolls 6 before working on Fallout 5, which is the way they usually work. Although it shouldn't be an issue, Bethesda did The Elder Scrolls a disservice by releasing an image three years ago.
Even though the game isn't even started, people eagerly await news about The Elder Scrolls 6. Bethesda's announcement of Fallout 5 would be catastrophic for the game. Bethesda is expected to release The Elder Scrolls 6 after 2023, so Fallout 5 will be many, many years away.
It's probably best if Bethesda doesn't announce Fallout 5 until it's at least in development because revealing The Elder Scrolls 6 before it started development was a bad idea.