What's the problem, again? Lobo is probably the best character for Bay: no real depth or complexity. He's just a big, dumb, space biker who blows crap up and kills or captures people for profit. Perfect for a guy like Bay.
Lobo has exactly two personality traits that give him any "complexity." 1.) His inexplicable (as in it's literally never explained) love of dolphins. 2.) His "my word is my bond/no contract no kill" code of honor. Well within Bay's capabilities. Meanwhile? High action and lots of explosions are also on the menu, and Bay excels at that.
Bottom line? This is about as good a match for Bay's abilities as we could hope for and whether people like to admit it or not, the guy sells movie tickets. People don't have any illusions about what they're in for when they go to see his movies. Somehow, he manages to be "Rotten Tomatoes proof." This is pretty much a guaranteed win for WB if it happens.