I doubt there would have been any more.
The gaming world was changing - shooters and action games ruled.
(Plus everything was about graphics, and fast-paced action was demanded. CRPG's take too long to build up - too much time spent on development, while strategy and action are often at odds with each other.
If there had been a market for CRPGs, then JVC could have gone to a new company and designed one there. (Think DWB and Wizards and Warriors - another hastily rushed game. For that matter, why almost 10 years between the release of Wiz 7 and Wiz 8?)
I guarantee you someone could buy the rights to M&M if they wanted to (and probably cheaply, since it ain't earning much for them now!) If they were to release a new game, it would be greeted with great enthusiasm by the fans of the series. But alas, that's like trying to develop a new denture cream - why bother going after a small (and shrinking) market, no matter how passionate they are about your product?
The bottom line is that, given the smaller (albeit dedicated) market for CRPGs, they simply take too much time and cost to develop. There's a much better return on games that are quicker, easier, and cheaper to develop, and find a greater audience among those whose idea of strategy is "if it moves, blow it up!". :-)