First off, I was a huge fan of BMB. However, like many great institutions, they did not adapt to the changing world around them. Based on their announcement, it sounds like this was mostly a conscious decision, or at least on their own terms. With 35+ years of service to MD amateur baseball, they have certainly earned that right.
Today, amateur baseball is all about college recruiting. You just aren't going to accomplish that at the Dizzy Dean WS. It's a shame, because I think there is still a place for high-level league play.