They spent years working on the script and Reeves has plenty of options so he must have seen something he liked.

@mechajutaro said:

Still pretty unbelievable that the producers and cast are doing this s-it this many years after B&T's heyday. One has to wonder: Are there sequels to Weird Science, True Genius, and Project X in the pipeline also?

In fairness, they had been planning to do a third for a long time but they were specifically waiting for Keanu and Winters to get old because they wanted to do a middle aged version of Bill and Ted. I remember Reeves saying this many years ago.

I say "in fairness" but I have no problem with them making follow ups to 80s films. I like it. Yes, they make bad ones but I don't concede that this was one of them.