I can understand the outrage behind this, clearly SEGA West has handled the whole situation poorly, no one is blind to that fact after all this time.
I see TimmiT's point about maintenance fees, but it also seems like that could be covered partly with partnering with say the licensed anime content that SoJ had for their version (they had Madoka and Attack on Titan at some point. that's bound to attract the anime con crowd at least) or even Sony content on their platforms...worse case scenario, bring back the hunter license subscription if that doesn't cause a big ruckus (Final Fantasy does it for their MMO). I could be wrong since I'll admit to having little to no understanding of how localizing something like PSO2 works.
The thing is that SW have to be willing to take the risk and effort to either have it succeed or fail, but they seem so adverse to their Japanese games almost seems like they want nothing to do with them and want to say no to everything from SoJ. To even get them to do something that might do well seems like we have to do a lot of begging, hell we had to go to Sony to finally get Yakuza 5, albeit the franchise has sold poorly though this can also be cited to SEGA lack of marketing apart from the first and (MAYBE) fourth game. Japanese games can be a tough sell, that is understandable, but they've create an atmosphere within themselves that it feels like a scapegoat for shortcomings rather than a legitimate reason.
Which is kind of aggravating when you look at the amount of money spent on projects that have left black eyes on their brand, sure Isolation did well and should be applauded as such, but weren't the Western offices disappointed by the sales despite being good numbers? It just leads to pent up frustration, especially with SEGA West trying everything in their power to make Sonic Boom a success after screwing up their cornerstone game.
I'm willing to bet the reason we're even getting Dengeki Bunko is because the Bamco Sword Art Online game on Vita sold pretty well, though I want the game to do well in general because I'd like to see more Japanese titles brought over. Just shameful that smaller companies (or even Bamco) can bring similar Japanese games and make it successful and SEGA somehow can't. It is even more shameful that SEGA can't even come out and cancel the localization so that we don't have to continue on this thread of "oh maybe they'll announce something this year!"