My impression is it’s a human colony, so it might not be adding much more back story than we already have but it might be the kind of world they were trying to get to in Romulus and/or a fully terraformed world (the end process we saw the start of in the first two Alien films). So the future setting could help tie the two universes together. I suspect they’ll have offered Trachtenberg an Alien film if he wants it but an Alien vs Predator one would also make sense. I suppose this could be a stealth one as a Xenomorph would definitely put the Predator on the back foot. I seem to recall an early AvP Dark Horse Comic set on a farm on a colony world which worked well. However, we’ll have to wait and see.