Twitter user "peg @moonmistblue" attended the "Toy Insider Sweet Suite 2024 Event" which was held on 17 Jul 2024 in NYC

SWEET SUITE
July 17, 2024 | 3-8 p.m. | Glasshouse NYC

https://thetoyinsider.com/2024-events/

She apparently asked the Spin Master rep about Bakugan, and the reply she got was "bakugan is on pause". There is no recording of this conversation, so take it with a pinch of salt. However if this is true, the implications are that Bakugan itself is not exactly cancelled, but is on pause. So all we can do now is just wait.

https://x.com/moonmistblue/status/1813667173082231054