On the surface it seems like The Odyssey is a vanity project. Like if Christopher Nolan after getting an Oscar for Oppenheimer ( which I still didn't review for some stupid reason ), decided that he is big enough, of a filmmaker, to take on a project of epic proportions, or something. Like he can tell Homer himself, how to properly tell a story, or whatever. But then you watch the movie.
As far as my speculation goes, I think, it is safe to assume, the following happened: In 1994 ( before doing Bad Boys ) Michael Bay signed a 10 year contract with Jerry Bruckheimer which expired in 2004 ( after Bad Boys 2 ). Knowing that the contract is about to expire, 2 years prior ( in 2002 ) Steven Spielberg, in an attempt to get on good terms with Michael Bay, added a small reference to Bad Boys into his film Minority Report. And then took Bay under his supervision for the next 10 years. Starting with the 2005 film The Island. And through the Transformers franchise. Bay returned the favor by showing a concept car designed for Minority Report ( Lexus 2054 aka Lexus Minority ) multiple times in the background of The Island. Still that's just a theory. I don't actually know what happened. But it seems plausible.
I reviewed a lot of films on this website and in almost every review I mention the name of Steven Spielberg. It's not because every movie I review is made by Spielberg. But it seem like every director can be viewed on a scale of Spielbergness. And the higher you go on that scale the better. At the top there is Steven Spielberg himself.