Ride times are actually shorter without fastpass (this isn't just me guessing, others who are far more data oriented than I both here on the DIS and at some of the more reputable Disney blogs have crunched those numbers). FP is what creates the logjams/long wait times in the standby line.
And with reduced capacity, there's no need to offer FP. Will they bring it back when they increase capacity? Who knows....but I could see them going more the way of Universal and offering a paid option only, or modeling it more after
Disneyland MaxPass/fastpass system.