That was a distinct possibility, according to a piece at OXM. Bungie writer and design director Joseph Staten said the team ultimately gravitated toward a mix of sci-fi and fantasy "because it gave [them] this freedom."
"Fantasy brings us this texture that we can wrap around sci-fi, which is really appealing, especially if you're an artist who's just been stuck making straight up space armour for ten years," Staten explains. "A bit of cloth is very refreshing." Head to OXM for the full write-up, and have a look past the cut for a four-minute trailer that introduces Destiny's setting and backstory.