It seems a lot more obvious to just make generic sports teams. What does it really matter? Who really cares whether or not some overpaid, steroid-pumped goon is in your game or not? EA should dump the lame-ass NFL and bring back Mutant League!
Mutant League is all kinds of cool but if you watch sports, odds are you would like to play as the "overpaid, steriod-pumped goons". If you care about the sport it is fun to play as the real players for the real teams. As a kid I loved NBA Jam because of the gameplay but being able to play as the real players just added to it. In fact I was a little disappointed that Jordan and Shaq were not in the game.
Sports games have that appeal. Racing games can have that too. Being able to race on real tracks using real cars has a very obvious appeal that I understand, even though I personally don't care. Videogames are a fantasy and people fantisize about real life things like winning the World Series and driving around in a Ferrari.
The problem stems from when a licenced game exists rather arbitrarily. We'll see games for movies or TV shows where the basic concept does not lend itself to a videogame. They make games based on Bratz. Okay, it's a well known licence but where is the demand to play a videogame based on that? What logical game is there even for that? James Bond makes sense. He's a spy, he kills bad guys, it's an obvious videogame. As a kid I was really excited to see Duck Tales or Ninja Turtles videogames because those shows had a lot of action and adventure to them so to be able to play the show has obvious appeal. But The Simpsons also had a million games and that didn't really make sense. That's a comedy show. What element of the show is there to truly recreate in a videogame? It seems more like it's a popular brand so shoe-horning it into a game (even though the arcade game was good) was just a way to get some product out there.
One of the worst example of licencing run amok was Def Jam Vendetta. It's a wrestling game starring rappers. Why? Rappers don't wrestle, they rap. Something like Rock Band with rappers makes sense. But this was illogical. No one wanted to wrestle as their favourite rappers until EA told them they did.
I think licenced games would make tons of sense if you're using a licence where there is obvious appeal and demand for a videogame and the resulting game is good. But most licenced games fail on both accounts.