Why Did Macgyver End After 7 Seasons? It Was Such An Awesome Show.

I found the Following:

Will there ever be another TV series?
Not likely. ABC cancelled "MacGyver" because of low ratings, and past performance usually dictates what sort of "revival" a show will have. Richard Dean Anderson has said that, for now, he wants to focus more on TV movies instead of series, so if "MacGyver's" going to come back, it will probably be as a series of occasional made-for-TV movies.
From Anderson's website (rdanderson.com) you will find:
ABC dropped MacGyver to air Young Indiana Jones Chronicles, which drew a small audience and was pulled from the schedule in October. (It is due back in January.) "The concept of Indiana Jones is great, I love the idea," Anderson said diplomatically. "It was real unfortunate that the show didn't catch on like MacGyver did.

Anderson said he holds no ill-feelings toward ABC because they pulled the plug on MacGyver. He said it really was a mutual decision. "I was physically exhausted," Anderson said, "really in trouble. We were working 15-hour days and spending four years [on location] in Vancouver really took its toll. The network wanted to try something else."

I think he ran out of duct tape.