It looks like NetherRealm really is working on Injustice 3, as two prominent voice actors in the series have outright said that it's currently in development.
Back before Mortal Kombat 1 was officially revealed and we had no idea what NetherRealm was going to release next, it was easy to assume that we'd be getting the long-awaited third Injustice. After all, NetherRealm had made a habit of hopping between its two series, and Mortal Kombat 11 was the most recent release from the studio.
Of course, that didn't end up being the case, and NetherRealm's streak was broken by two Mortal Kombat games in a row. With Mortal Kombat 1 recently (and controversially) ending its post-launch support, we know that the team is working on something else, which is generally believed to be Injustice 3. That now seems even more set in stone.
As pointed out by Away_Investigator965 on the GamingLeaksAndRumours subreddit, the latest Injustice 3 rumours come from fans getting to meet some of its voice actors at a recent convention. Twitter user Brendan_Batman shared their story of meeting George Newbern, the voice of Superman, at Fan Expo, where the actor apparently confirmed Injustice 3....