... [Tangled directors] Nathan Greno and Byron Howard ultimately "weren't really interested" in following up the story. Plus, as [producer Roy] Conli pointed out, "her hair was gone!" ...
Plus, the first one had been in development for a dozen years (or thereabouts), and had run up a sizable price tag. ($260 million if box office mojo is to be believed. And maybe it's not. Studios aren't in the habit of being straight up about budgets.)
I'd wager if Tangled had grossed Frozen numbers, instead of a mere $592 million, there would have been white-hot incentives to come up with Rapunzel II, missing hair or not.
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