Maybe so, but that doesn't mean a return is always imminent.
This is the way I see it: Bionicle was cancelled the first time because it wasn't selling as well anymore, but LEGO still saw its potential. Instead of killing it, they pulled it from production, created Hero Factory to test the waters of a new building system, then released it again when they were ready.
This time it's similar, but similar doesn't mean the same. When LEGO reports something, that's usually true. If LEGO says G2 is cancelled for financial reasons, then it probably is. There isn't a reason for them to lie.
Either it didn't sell as well as they hoped and they're not lying, or it did sell as well as they hoped and they killed off a decent moneymaker. I'm more likely to believe the former.
What I'm getting at here is that I think this time, it's really dead. LEGO has increasingly become a company more focused on sales figures and money, as evidenced by their rising set prices and general lack of originality and good set design. Is a company like that going to see the potential in a line that, according to what the numbers say, failed twice? I honestly don't think so.
We were lucky G1 got some kind of ending. We were lucky G2 ever existed. Eventually, we run out of luck.
Wishful thinking, but no, it's not coming back.