Before you read this, it is only what I have been told from Loon employees, so it is somewhat hearsay.
From what I have been hearing, it is pretty much because of insurance reasons. Rumor has it that ever since the accident at the 382 weekend, Loon upper management is apprehensive about holding park events that are covered on Loons own insurance (ie. 382, Hike and Huck, etc.). There have been numerous accidents this winter in which they are getting sued for and I head that they only want to hold events where outside insurance is brought in by the company hosting the event (ie. Free Flow Tour, Redbull Buttercup, etc).
For those who have attended Hike and Huck before, you know that it was always a shitshow and there was not much regulation as to who had actually filled out a waiver and who did not. I think Loon management started to realize what was going on, and that also played a factor into why they did not have it.
Also, there was no major ski sponsor for Hike and Huck this year and they were considering it to have it be a snowboard-only contest.
BUT once again, this is somewhat all hearsay so don't take my word for it.