I'd say the box office success of Wonder Woman and Black Panther were a bigger influence.
After all, Suicide Squad was a big hit in the Latino community in no small part due to El Diablo, so I think the suits are hoping a first big budget Latino superhero movie will do to the Latino market the same thing that WW and BP did to women and black people, namely get lots of butts in seats.
That's certainly a nice thought. But I was thinking in terms of the timing. I have the impression that a Blue Beetle movie has been in development limbo at Warner Bros. for years (wasn't Berlanti working on a BB/Booster Gold project at some point?). So maybe Venom's success was the extra push that WB needed to move this marginally similar project out of limbo.