It's not like he didn't try.
Psychonauts is widely considered to be one of the best games of the previous generation, and certainly one of the most imaginative and creative titles in history. But like most of Tim Schafer's brilliant yet under-appreciated titles, it didn't sell particularly well and hence, no sequel arrived.
But Schafer and his studio, Double Fine, tried. They pitched Psychonauts 2 several times, in fact. Speaking to Digital Spy , the game visionary said he receives "daily requests" for a sequel and he would "love to do Psychonauts 2 ." But sadly, no publisher has said yes to the proposal yet. Said Schafer:
"So it is hard because fans often don't know how the business works, with the difference between a developer and a publisher, it's hard to explain that. I'd love to do that game, but I'd have to convince someone to just give me a few million dollars, that's all."
Schafer doesn't usually do sequels, and he says it's because they would have to "take the place" of an original idea. Sequels in the past would have prevented new and eventually beloved IPs, so you can't have everything, you know? Even so, a sequel to Psychonauts would be amazing. I'm not even a platformer fan and I loved the hell out of the first game.
Someone give this guy a few million!