The reason I disagree is that RoP is a self contained original story using elements from what they were allowed to use of Tolkien’s work. As it was designed from the ground up, they had more control of the story they wanted to tell within the time allotted.
The Hobbit was taking an existing...
It’s their property to do what they like with. They get to pick and choose what to do with the licensing, it’s for nobody to decide except the owner of the IP.
Some cases can be ridiculous with overzealous lawyers going after one man bands just because they share a family name, for example...