It wasnt just for those reasons. No one liked the characters, the layout of the plot, the scoring, the prizes, the general idea or the length. It was the most badly recieved plot neopets has ever had.
I'm not sure what information you're using to back up those remarks, but they're pretty skewed. >.> If you go back and find the JttLI thread here on the NTWF, you'll see that we were a prime example of a Neopian community where tons of people were enthusiastic about the characters, dialogue, art style, and plot premise itself. It had the makings of a fantastic plot, and if it would've continued for a while longer (by means of a second part, perhaps), then you can bet the general attitude towards it would have been a lot different. The reason that people didn't "receive it" well stemmed mostly from the fact that it ended much too abruptly, and almost on a cliffhanger.
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It is in no way confirmed to by a JttLI 2 either. Remember that BFM, HATIC and possibly even CoM and ToW also require sequels. Part 2 of a plot on neopets really doesnt need to follow part 1. When you consider that JttLI had a largely negative response, it seems unlikely they'd give us it twice in a row.
BFM doesn't need a sequel. Neither does Hannah. What parts of those REQUIRE sequels? None. They have a bit of an open end, sure, but that doesn't mean they need sequels. On the other hand, how can you explain away this?