Nah, Season 8 is imminent. Deadline I think lists the show as one of those whose next season is more-or-less guaranteed.
Besides, this show has the backings of nepotism. It won't go away that easily.
It's classic shipbaiting, but they don't really promise anything so I won't count it as queerbaiting.
I remember in MG someone said he'd been chatting with a gay guy on Instagram. Said gay guy followed Ryan last I checked, but a few days later he unfollowed Ryan, presumably he was blocked.
This is probably what happened with Nico too. A bad coverup.