https://www.equestriadaily.com/2020/07/evo-2020-cancelled-along-with-thems.html

Even if the game didn´t manage to get into the events becoming true, at least those competitors had some interest, bought the game and earned a few headlines in the media. 

The developing team isn´t the one to blame here, they did their part. All the games in the lineup (Skullgirls had a certain drama around it, I think) have been affected in general so the EVO cancellation relied upon its owners more than anything else.