It's called Ugly Betty because the original show was called Betty La Fea. It was a Colombian comedic soap opera that was aired about 11 years ago. The idea has been copied and rereleased in Mexico, the US, and India, and probably other countries that I'm not aware of.
The show was not "canceled" because, contrary to American television, Latin American soap operas have a beginning and an end. Soap operas usually last about a year before the story ends. That makes shows much more interesting than, say, American soap operas, which go on for decades.