Spotted this under the release notes
The PgRoutingWriter has moved to the osm2po-plugins.jar which is open
source. The writer is not enabled by default anymore. If needed,
please edit (uncomment) the corresponding line in the osm2po.config or
add it to the command line call.
If you update your config file to remove the comment hashes from this block of lines, it generates the .sql file
postp.0.class = de.cm.osm2po.plugins.postp.PgRoutingWriter
postp.0.writeMultiLineStrings = true
postp.1.class = de.cm.osm2po.plugins.postp.PgVertexWriter
postp.2.class = de.cm.osm2po.plugins.postp.PgPolyWayWriter
postp.3.class = de.cm.osm2po.plugins.postp.PgPolyRelWriter
postp.4.class = de.cm.osm2po.postp.GeoExtensionBuilder
postp.5.class = de.cm.osm2po.postp.MlgExtensionBuilder
postp.5.id = 0
postp.5.maxLevel = 3, 1.0
postp.6.class = de.cm.osm2po.sd.postp.SdGraphBuilder
# Pg*Writer usually create sql files. Enable the following
# parameter to redirect them to stdout (console)
postp.pipeOut = false