Budman I somehow get sucked into this debate frequently. While anything is possible there are many barriers to entry for making a LotR vault: licensing (huge hurdle), BOM, Whitestar, and demand. The cost of licensing, materials, and then converting it from Whitestar to something else would be very high. They would have to release it as a DMD unless they paid for assets or do all new animations for an LCD (or do a CGC with LCD doing original animations emulated).
It seems daunting at a minimum. I finally decided to buy an original when I figured out I could buy a HUO original for at minimum $2k less than a VE if they ever could even make one.
Lastly, why? They can just make a new movie pin with art and no toys for a fraction of the cost without retraining the assembly line to build something that isn’t Spike 2 with no toys.