While there is no possible way to explain why it is taking Valve so long to produce Half Life 3, many believed that it is due to the Source 2 game engine that is still in development. Half Life fans believe that Valve are not going all-out to develop Source 2, thus leading to a long delay for Half Life 3.
In detail, the wait for the sequel to the highly successful franchise has passed the 10-year mark and there is still no sign of Half Life 3 coming. The Source 2 game engine is regarded as something that is core for the upcoming title. This is because most games today are running on next-gen gaming hardwares and a big title like Half Life 3 needs to offer the best technicalities around.
Even today, nobody has a clue on the status of Source 2 but rumours are indicating it as pending for completion. What made it worse is the fact that Valve is continuously keeping themselves busy with other B-grade games in development instead of going all-out with creating Source 2.
Once the game engine is ready, fans can surely look forward to Valve announcing Half Life 3. Then again, there is no telling on when that will happen.