I personally own a small business in a very niche field. When I started there were only a few places like mine and now then there were dozens and dozens... Now only a few remain... I personally believe rising tide raises all ships. And that if a company offers a good product, then they will create new customers for our market. Some of those customers in time will find my business, because I have faith in my product, and the quality of it.... Now, you need to of course make a good product for that to be true... Now, I don't hate competitors I like them... So long as they offer good product and don't drive away people by offering inferior rip offs.
And it's not good business for stern to buy a license that they have no plans to develop.
Two major reasons. First you paid money for an asset you will never use. And the second reason this drives up the cost of licenses.
So in both the short and long term its a bad decision.

However, what if Stern does make a game from it. We all know pinball themes matter. There are themes that will never get my money, not even a quarter of it.
So lets wait and see what happens. I personally if I were stern. Would avoid bidding wars on themes in an attempt to drive the price down on them.
I refuse to believe that all the good ideas are gone... Also I think you could make a good non-license game and it be successful. Dialed in was just a horrible theme. Also I think no backglass hurt it. It's a cool looking pinball that I would totally play in the wild. Never going to buy. Its just ugly and dumb to look at.