Here is the simple fact. ICEs. HEVs and possibly PHEVs make money for companies today, BEVs are not money makers yet. . Where the governments have encouraged it (Norway and may be places like China), the volumes have grown. In others places like the US, the market is still small. There are many reasons for that and they have been discussed above. Hence the manufacturers are not seeing the hype and reality match.
Further, the current administration clearly does not believe that BEVs are to be supported and that oil should be the dominant energy source. There is also, among certain demographics, a skepticism of both the need for BEVs and its ability to replace the ICE. If you do not believe in climate change, why would change from a Chevy Silvarado. If you are the type of person who wakes up on a Saturday morning and decides on a whim, to take a 200 mile trip, you may not like a BEV. So for a variety of reasons, the market is not growing the way that people in this forum anticipate. BEV adoption may not crack 10% for at least in the next 4-5 years.
Japan similarly has its own problems with BEVs. Technology break troughs have still not eliminated the disadvantages of BEVs (long charging times) and higher initial costs. Low gas prices do not help either.
Each Automotive manufacturer has look at what they will do in one year, five years and say 10 years. Some may say, "forget about 1 year, I am going to prepare for 10 years away". Others may say, "I want to concentrate on the here and now and if things change, we will change then". That could be because of Wall Street (Or Shinjuku or whatever in Tokyo or in Frankfurt), or it could be because of their internal problems (Nissan) or the countries' problems (Japan) or because of the buyers of that brand are not the BEV types etc. In other words, decisions are particular to each company. Honda may be confident that if they have to move to BEV's they are nimble and agile and can turn on the dime. So there is no need to risk their resources, when they are confident they can catch up if they need to.
Some people look at Tesla and its volumes and believe that represents the future. It is possible that the Honda market research says the market will not grow very much and that there is room for may be, 1-3 players only, of which Tesla is the first and VW the second and may be that Nissan, GM, Rivian etc are fighting for third place. In that case, why muddy the waters and try to be the fifth or seventh player. Why not wait till the market actually shows that is it bigger? An earlier poster alluded to this.
18 million vehicles were sold in the US last year. Do we realistically expect that by 2022 there will more than 800,000-1,000,000 BEVs sold per year? Let us assume for arguments sake, that in 2022 the actual demand is 1,200,000 but the actual capacity is 1,000,000 (between Tesla, Rivian, VW, GM etc) and BEVs are being sold at a premium. That would be a sign for Toyota, Honda and other fast followers to jump into the market. If the reality is that actual demand is less than capacity, this will vindicate Honda's strategy.
Bottom line, Honda has made an informed decision. Only time will tell if Honda made the right or wrong decision, it is too premature to write them off.