From what I remember, that was a version of WipEout Fusion made on PC hardware before the PS2 development kits had been distributed. Apparently Studio Liverpool had been last in line when it came to getting development hardware - with even EA in Warrington getting PS2 dev kits before the 1st party studio.

So the team at Studio Liverpool did what it could and built the game on high spec PC's, with the assumption made that the emotion engine would handle it. Unfortunately it was a totally different architecture and the early version of the game had to be scrapped.

It didn't help that EA in Warrington were hitting their stride at that point and poached a good number of the WipEout Fusion team. Hence the development hell and the game being very late, and not up to scratch by the high standards normally associated with Studio Liverpool.