Still no luck finding out what finally happened to Bounce and for that matter also to Virtually Board Snowboarding II, which were - together with Kart Racing - the three launch titles developed "in-house" by #Nokia (by #Kuju actually) as evidenced by the attached magazine scan.
For VBSB2, I know at least from a former Nokia employee that the developers constantly missed milestones, but that does not really explain much. It was certainly not cancelled before July 2003, as the Nokia Academy CD from that month still lists it as a launch game.