As for the reason, I'm sure many Star Wars fans will be happy: Criterion has shifted its focus to support the Star Wars series.
According to an EA representative in a discussion with GameSpot:
"While they've moved on from the previous project they've spoken about and aren't pursuing it, they are continuing to build new ideas and experiment with new IP for EA, in addition to continuing to collaborate with other EA studios.
At the moment, Criterion is helping out with the Star Wars Battlefront VR title.
Well, though we may be missing out entirely on Beyond Cars, we still have Steep to look forward to, which does have a release date of December 2016.
Hnnnnng.
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