I'm not interested in Shenmue specifically, but this is a great move and I hope it sets a precedent which other companies follow.
The trend until now has been for series creators to make spiritual successor knock-offs of their franchises that have been neglected by the companies who own them. That kind of sort of works (in theory at least) for something like Megaman or Castlevania but it's no good for something like Shenmue where the fans want to see the rest of the story and need a legitimate sequel. I don't know if Sega is involved with the KS or they merely let go of the rights but either way, good on them. Maybe Konami and Capcom can follow this example and either use KS to test a proper series revival or let some other developers who are passionate about the series do it. Here's hoping that we see Suikoden get this treatment, but I'm not holding my breath.
That said, $2m is a pittance for a game like this. Didn't the original Shenmue cost $70m 15 years ago? Granted, it went through a lot of development churn to get there and maybe more modern technologies can be leveraged to amortize the cost but that's still pretty meager. Could they have independent funding in addition to the KS money like Bloodstained does? Or were they just hoping to actually get way more than $2m (which they clearly will)?