If they were smart they would put all of their eggs into squadron 42, make it as good as they can

They did, it's why star citizen was lagging behind so hard for so long. All the production focus went into squadron 42 like 6ish years ago. Squadron 42 is announced for release next year and since the announcement they turned production focus back to star citizen. Still SC 1.0 is going to be years away still because they're so damn slow with everything they do...

that has promised not one but two games that are not coming out.

Not just the games. Don't forget all the feelies, the physical stuff they promised to manufacture.

This guy lost a court case trying to get a refund on his $5k seven years back:

https://www.vice.com/en/article/star-citizen-court-documents-reveal-the-messy-reality-of-crowdfunding-a-dollar200-million-game/

Along with the game—which originally had a targeted release date of 2014—Lord was supposed to have received numerous bits of physical swag. “So aside from [the game], I’m supposed to get a spaceship USB drive, silver collector’s box, CDs, DVDs, spaceship blueprints, models of the spaceship, a hardback book,” he said. “That’s the making of Star Citizen, which—if they end up making this game—might turn into an encyclopedia set.”

That was back when only $200 million had been sunk into the development.