Has this show been cancelled?

It wasn't canceled, it was MTV'd. That's what happens to shows far to good to ever be on MTV that miraculously make it on the air on MTV.

The less clever answer to your question would be "pretty much", as each member is busy with other projects currently and haven't bothered to pitch a third season to MTV.

Aziz is busy with Parks and Recreation. Everyone else is up for it, just waiting on Aziz!