Err, from the folds of my anorak I do have to confess that I know the precise reason that TG2 was never made..stand by...stand by...
Because they had used all, and I do mean all, useable aerial footage shot in the first one, and there was no will to go back and shoot additional stuff at great expense.
I really do like the story about Tony Scott paying out $25000 to the captian of the CVN (Enterprise) to trun it around again so that he can have all the deck shots back-lit. Some chutzpah!