Well it's definitely not 'all over the world' since the title has only been licensed for America and China outside of Japan.
There are lots of reasons as to why an anime doesn't get picked up for a second or third season. A lot of times is what the lead company (in this case Gainax) want's to do. One of the many hypothesis is Panty and Stocking was an anime produced for fun, and because they needed something to air, they aired that. (This could be likely as Panty and Stocking has no original source material) Another reason is, that Panty and Stocking only did moderately well in Japan, (Proof of this comes in volumes 2 and 4 were the only two to break the top 20 sales charts in Japan for Blu-ray, and volume 4 on DVD). Which unfortunately DVD/Blu-ray sales are the biggest success gauge, sure the anime could do phenomenally well here, but that usually doesn't constitute Japanese marketers to run out and make an entirely new season. Chances are when Gainax gets that money from FUNimation, (which they they only see a percentage of sales which usually going back to paying off the licensing) it's going to go into what Gainax is currently producing which is probably something for the 2012 seasons. Also a lot of times production teams disband after an anime is produced, the directors, producers and anyone who worked on the project go somewhere else to work, whether it be another project under Gainax or at an entirely different production studio altogether, people need money, and they aren't just going to sit there while a company contemplates doing a continuing season.
There are endless reasons as to why though, these are just the common ones that I know from other animes. Yeah it sucks, but really the only thing you can do is buy. Buy the DVD's/Blu-rays in Japan (especially, though they aren't going to be cheap) as well as buy the FUNimation release when that comes out. That is how a company can really gauge in an interest.