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No, the problem was Capcom overcharged for something that was just a HD NES Mega Man game. If Capcom had introduced Mega Man 11 at a much lower price point, sales would have been a lot better.
That and due to Capcom itself, fans find that Mega Man is under the Firefly effect in that people don't want to invest in Mega Man fearing Capcom will screw the franchise again. Well if Mega Man 11 didn't do well for Capcom, guess what happens? They screw the Mega Man franchise again as a result and focus on re-releasing old games over and over or do strictly mobile only new games instead.