Short answer: GA is effectively dead and the middle class killed it. That segment of the population went from enjoying aviation to deciding that small aircraft were capricious and dangerous little recreational vehicles and were scared of and wanted nothing to do with flying. And with that came the lawyers who nearly sued every GA manufacturer out of business. And the complaining homeowners, greedy real estate developers and politicians who began shutting down airports, etc. What was left was a very small number of very wealthy and intrepid flyers who were willing to spend a lot of cash on personal aircraft and the last group of die hard GA flyers and home builders.
Everyone in the GA community erroneously thought the reason no one went into flying airplane's was that they were too expensive. The solution? Go back to the days of the Piper Cub and other light aircraft powered by a small engine and minimal instruments and avionics. Surely this combined with new composite materials, ballistic parachutes for safety and modern avionics would attract new pilots.
Unfortunately, nobody in the personal aircraft market wants to buy an LSA with a minimum of creature comforts and limited performance. GA manufacturers thought they could attract a new generation of flyers using LSAs, but buyers shyed away from simple airplanes and selected ever more feature filled and exotic varieties. Most LSAs sold today are featuring glass cockpits and are often equipped with autopilots and are IFR certified and costing over $170,000. This poor market research combined with farming out the manufacturing to China and the problems associated with that arrangement is what killed the Skycatcher.
And I hate to say this, but the Skycatcher wasn't that great of an LSA. It wasn't a bad airplane, but it seemed rushed and lacking the attention to detail that many other LSAs had. The plane was made in a communist country and the dark gray spartan sheetmetal interior combined with uncomfortable, tiny seats to sit in matched those origins to a tee. I compare this with both the Czechworks SportCruiser and the Evektor SoprtStar LSAs which were much, much nicer airplanes in the same price range. The 162 flew well and had good handling characteristics albeit it landed pretty fast for an LSA. But again, the market really didn't want that kind of an airplane.
In truth, GA is about freedom and LSAs just don't offer that. In their pure form they are a simple solution for the guy who wants to make a few laps around a traffic pattern on a Saturday afternoon. But they really don't fulfill that niche market for the personal freedom of flight or a practical means to travel with. And again if GA is to survive it requires a serious interest from the middle class who want to buy large numbers of affordable aircraft, something that just doesn't exist.
As to resurrecting the C-150/152 line, that should have been Cessna's first move but management seemed convinced that a clean sheet design offered better market share (wrong). But Cessna learned the hard way about the economics of LSAs and it is doubtful they will try again in the near future.