What happened is that it was never a real thing. There's no way there will be a Twilight Princess port on 3DS.
I'd say after Majora's Mask, Zelda on 3DS is done. Efforts for handheld games are now probably going to shift to the successor, in what shape or form it may take. We got two remakes and a new original game, three games on one system is a lot for this series. That only happened on GameCube if you count Four Swords Adventures and GameBoy if you count it and the GameBoy Color as the same system (then that would have actually gotten four in fact).