This is a surprise. A lot of pilots are made every year and plenty of them don't get picked up to series, but Beverly Hills Cop seemed like a sure thing. It had the name value of the hit film series and the draw of being an actual sequel series, not a remake, focused on Axel Foley's son (played by Brandon T. Jackson). And it had Eddie Murphy actually onboard in a recurring role as Axel, in addition to executive producing. And while executive producer Shawn Ryan (creator of The Shield) has had series that didn't last, like Last Resort and Terriers, he's a highly-respected and acclaimed creator who the networks are eager to be in business with.
But CBS has indeed passed on Beverly Hills Cop, not picking it up for the new TV season. However, Deadline reveals the project may still live on. With such high profile talent involved, producers Sony are going to shop it to other networks. There was a bidding war for Beverly Hills Cop initially, when it was being developed, so it's very possible one of those previous suitors may be inclined to pick up the series at this point.