The video game markets have changed. Free to play games with with buy in game goods. Are putting a real hurt on the gaming industry.
Wipeout may return in the new format, or it may return when 4K TV emerges with the PS4. Studio Liverpool has 12 to 18 months invested in a new Wipeout. Sony may release it for use on multiple platform or just shelve it.
Wipeout set the standard for exciting futuristic racing game play. It has achieved a 28 year run making it a legend.
I wouldn't count on Wipeout disappearing altogether.

I had a wonderful time racing with all the online competitors. I wasn't the fastest or the best. I raced to be part of a community that never could exist anywhere but in the imaginations of a select few. Thanks to all for allowing me to escape my mortal bounds.
Death is not the end, a new adventure begins.
shout out to Lurifaxflux