They'll never officially cancel it and thus never officially say what's happened to it.
There are so many parties involved that each one just points to the other.
I mean sooner or later people are gonna confront them. The vita carts are literally gonna run out this month so there's really no time left for them to get away with not delivering on the handheld versions. It's a big mess and honestly someone needs to just break it open and expose what went wrong.
I always found this campaign kinda dumb, to be honest. It came off as edgy fans who weren't happy about going three years without a MM game (when the series saw way too many games every year for eons and needed a break) and donated to MN9 to do "Take thats" to capcom only for this to happen, treating Inafune like a god when rather Infaune had little to do with MM's success and more to do with things that weren't as good, save for his involvement with Mega Man Zero and BN1-3. Most other Capcom members ended up being the ones that did the actual work. Inti Creates could still make a good game no doubt, but with the poor planning and how the whole thing was a disaster it's a no brainer they weren't able to make anything good out of MN9 save for the first Mighty Gunvolt.
The ironic part that people seem to forget is that the entire reason MML3 was cancelled was because
it was never even greenlit. in theory, a game gets greenlit before you announce it so that it can't be pulled under the rug from you, but the whole gimmick of "the fans help the whole process!" ended up being a really dumb idea since while cool in theory, it just meant that Inafune by pre-emptively announcing it with the assumption that "oh hey it's mega man it's gonna come out since they release lots of new Mega man per year" kinda shot himself and all the fans in the foot. Even though the Mega Man IP was huge and such there's always a chance that a pitch will not be approved, fan feedback or not, and the cancelation basically stemmed from it not being approved. (IIRC, from what was said in interviews back in 2011, they even said the prototype version was the main thing that would determine the game being greenlit or not but that got delayed and then... cancellation.)
So TLDR: by Infaune basically announcing the MML3 project so early right before he left the company (instead of maybe having the project go through internal evaluation enough to at least get the prototype version in sight and have fans pitch ideas) he basically ended up setting expectations high that it was already approved and a real project when it really was no different from the Maverick Hunter FPS reboot that was pitched behind the scenes, except MML3 was public. WHo knows how many more times MML3 was pitched again and again in the years since, but I bet they won't make it or announce it until they're absolute sure it'll happen.