After watching some videos about the gameplay it looks to me like this is the evolution of liero to a 3D environment, using a parachute since there is no ceiling most of the time. 
 
Well there are many differences, obviously, but to some extent the gameplay and dynamics of the game are quite similar, even more among themselves than with bionic commando, IMHO.

Ah Liero . I loved that game, thanks for the nostalgic reminder