After a recent rewatch, I would have to put forward Better Off Ted as top of my list of worst cancellations. Truly underrated when it ran, the writing was witty and sharp, aligning with the humour of Scrubs and Community.
Speaking of, re-watching Community slowly peter-out over the seasons (despite my excitement for the movie!), does preclude me from putting it at the top of the list.
Lastly, for my wasted potential award, I would say Westworld was cancelled just as it sat on the edge of redemption. Season one was a masterpiece, while season two felt like a big retread. Seasons 3&4 were controversial due to the drastic shift in setting to the real (future) world, however the ending of S4 leading back into the Wild West setting was so promising!