Why a show like this would probably never be renewed
For people who enjoy this show, it's fantastic. Not only is it a candid conversation between different actors talking about the industry, it's a character study into different personality types that are in the entertainment industry, a place we know to be extremely cut throat.
If we take into consideration the narrow demographic these viewing qualities appeal to, it's not difficult to see why a show like this still isn't on the air or won't be renewed.
To most, this show is pretentious. It is about privileged members of society talking about their privileged lifestyles and their "real" difficulties in the industry. Most people cannot remove themselves from the fact that the people on the show are millionaires. It's difficult to see them as real people, unworthy of any empathy for their apparent issues.
Ultimately, I'm afraid even if Jon Favreu revived the show, the question is no one knows how long it would last given viewership trends.