It hasn't been cancelled. It's being hosted online, but it's a watered down version of the WSOP. The buy-ins are much lower and the game selection is atrocious. Mostly NLHE with a couple PLO sprinkled in (and only one 8/b event). No stud games, no draw games, no mixed games, no shootouts, no player's championship, etc.
It definitely feels like (and is) a rushed version of the event and isn't nearly as special as the live festival in Vegas. I'm not saying they should have cancelled it, but they could have done a much better job executing on it.