I used to have a subscription to the Video Games & Computer Entertainment magazine (later retitled VideoGames - The Ultimate Gaming Magazine). It might have also been Computer Games Magazine. I remember an article about an upcoming superhero squad game based on an original property (this predating Freedom Force). I remember they had screenshots of gameplay (I don't know whether they were actual shots or ones faked for promotion) which showed fairly standard superhero outfits with bright colors, masks, and capes, and I think at least one showing a hero firing at the ground from a flying position. The action looked to be a free camera 3D game with the bits I remember showing different camera angles. Inside the article, they mentioned the "superhero curse" in video games where so many studios got excited for the idea and eventually had to drop it (I don't remember if they mentioned technical issues or copyright/trademark problems), but that they were confident their product would stand the test. A few issues later, there was a note that the project had been cancelled.
Schadenfreude Interactive had a parody ad for their own version of the game (maybe in the same issue) which was, of course, entirely German/Austrian themed, with the characters including a barmaid carrying several large mugs of beer, and a burly man in lederhosen. I've identified that as The Teutonic Ten, but unfortunately, they don't note which game they were parodying (and their listed release date of 2005 might put the lie to my memory of this predating Freedom Force).
I don't think it was Bullfrog's The Indestructibles, as that seems like a much more polygonal interpretation than what my (possibly embellished) memories recall.