It does look lower budgeted; most of the complaints I've seen online haven't been about the budget, though. Given the spotty track-record on the Sony films, I can imagine they're keeping a tight control on the budget of this so I'm not surprised at its look. Potential for an interesting horror/thriller take with the set-up, I think.
Sony only has Spider-Man related characters, so they're limited in what they can do. That's why they made a deal with Marvel regarding the Spider-Man proper movies to have integration with the MCU. The Sony only films have been Spider-Man villains-turned-anti-hero (Venom, Morbius) so far. This is the first one dealing with characters that are more-or-less tied to Spider-Man as heroes (an earlier film proposed Black Cat and Silver Sable, but never got off the ground).