Great Question
There has been talk that we need to have a big enough active user base to support an election. They have stated this in chat as well.
The discussion really began on December 30th, 2015 in chat and with this post that Jon wrote in our Meta.
The core issue is, if we don't have enough mid-level active users then the election will fail and the whole site falls into a bit of a hole. That was at least the concern that the SE employees have as they have seen sites fall apart after getting out of Beta during the election phase. "Falling into a hole" is my verbiage and not so descriptive but....so {insert issue here}.
What Jon wanted to see was more voting to build that mid user base up. Reward the users and they shall stick is that essential message. So, @Paulster2 started to give away rep for badges at that point, notice how most of the monthly challenges have been built around voting?
All of that being storyline being said, we are close. We need to build the mid-level user base and vote, get users to stick by being nice, help new users by editing their questions and letting them know you have, "hey, I helped out your question and fixed it up a bit, let me know if you think I changed the feel of it too much." type of comment perhaps. Start the interaction with them, invite them to chat. Tell a joke. All in all, we need to pull users and get them to stay, rewarding them with votes does that.
Graduation
They say we are close. I think we are too. The stats look pretty good but voting is down over the last 6 weeks, a good percentage drop IMO. I think we need to fire up the message for everyone to vote more. I would, but I don't have the time these days. WE will get there. Hopefully soon.
Feel free to message @jonericson in chat, he will come and answer your questions. He's a good responsive guy.