I finally got MPEG2 to show up, and I successfully did so on 2 different installs, one HP laptop and one Dell desktop! Here's how I did it.
1. Uninstalled everything Adobe.
2. Reboot.
3. Ran Adobe's cleaner tool.
4. Reboot.
5. Installed creative cloud and Premiere (along with Media Encoder)
6. Open Premiere, and DEACTIVATE the program (under the help tab), then close it.
7. Re-open premiere, it will prompt you to register by inputting/verifying your Creative Cloud info.
8. Close Premiere, and open Media Encoder. You should see MPEG2 options.
Note: I was able to see MPEG2 immediately, in version 6.0, before updating to the current 6.0.3. After applying the latest patches, I still see MPEG2.
I hope this helps someone! The key for me was deactivating premiere immediately after install, then re-opening and reactivating.
Good Luck Everyone!