That's right! That game is "Steel Battalion", a game that could have been three years too soon. It was an X-Box exclusive from Capcom that baffled both the press and mech fans alike, mainly because of the $199 price tag.
I still remember when I walked into Toys R' Us in Times Square, NYC to drop my well earned Christmas cash. Years later I could reminisce that the game was only okay at best. Thankfully, I'll always have a reminder courtesy of YouTube.