Visually this game is on point - it definitely needs more substance as others said, but the character design and level aesthetic really does harken back to those games of old. It's delightfully grungy, and a great showcase of how you can use Unreal Engine to make more than just hyper-realistic spaces. It's a great tool for game design in general, and you leverage aspects of it well.
With proper fleshed out levels and some kind of progression, this could be a fun game for sure - either a classic collectathon, or a story driven metal-arms style experience.
It's got heart - with the right legs to stand on, it could do quite well.