In what isn't surprising news, Producer Michael Uslan basically said to not give up hope when talking to MTV.
So maybe we will see it. The reality of it is, DC has a potential franchise with Captain Marvel. There wouldn't be a point in giving up all hopes. They also have two decent sounding scripts by John August, one dark and one lighter. Scripts that they've paid for. Perhaps the movie won't go into production this year or maybe not even next year, but if the superhero craze continues, we can probably expect it someday. Whether or not they'll use August's script or The Rock appearing as Black Adam will remain to be seen. Perhaps DC will figure out how to make a cohesive movie universe and start cranking out more movies.
Warner Bros. is trying to cut back costs these days. Even though movies usually make them big money, there's still a lot of production costs that go into making a movie that may or may not be a hit with movie-goers. Captain Marvel does have a long history but even though he had a TV show in the 70s, he may not be a household name like Batman or Superman.