Eh I disagree.
It wasn't removal, it was simply, well, character growth.
She simply changed.
I would also still like to see a third season with Tsukune as or at least in the process of becoming the new headmaster. Could totally see his harem becoming part of the next generation of teacher staff as well.
Maybe Moka, Kurumu and co will even come to a proper compromise and marry him together.
I'd say there is still plenty of other material for a sequel as well. Like the whole co-existence bit. They could also start visiting a bunch of other places around the world, in the process.
Not to mention the continuation of Fairytale.
Yeah, probably not terribly likely, unfortunately.
But hey, even the Code Geass franchise was revived recently so maybe...