Ryan,
That is essentially correct. The profit margins were small before the ban. Now that the ban has been lifted, there are two official "launch sites, but the operators got together and decided to not restart the them. Of course they would be taxed (as they always were) but the new higher insurance coverage amount raised their cost of doing business. Add to that transporting the riders to either of the two "launch" points and that reduced the profit margin that much more.
I do not see jet skis returning in anytime in the foreseeable future.