It is not a great shame to me, unlikely as I am to ever acquire IFR privileges. Neither is it a major loss to the (private) aviation scene as such, perhaps the worst impact might be on their business visitors - whom I suppose to bring in most revenue.
As to why: I can only imagine the cost was found too high. Beats me however why they didn't first put in place GPS instrument procedures, BE authorities are getting quite good at that. Perhaps they did, and are still doing, but it took/takes longer than hoped for - as so often happens?