I think it's an outmoded business model by a company that has survived on whales (no offense) since the early 80s. Hobby games have traditionally been a captive audience. People play 40k because it's 40k, not because it's the most superior table top game ever made. There's not really a replacement good for 40k. (Or more appropriately, if you feel there is a replacement good for 40k, you're probably not a hardcore fan.)
So GWS has built a business model on their captive audience. But times are different. The equation of money + time is different for the demographic they're supposed to be marketing at. (Kids, teens, young adults.) My guess is they haven't replenished the ranks of the faithful as much as they would have hoped, and the hobby is probably supported by older gamers more than any other demo. Which would make me think they'd alter their business model to adapt. But it really seems they haven't. All they've done is unleashed the licensing department but as you said, that income is supplemental to what they still consider their core business. And as much as I like hobby modeling and wargames.....I think GWS could trim a lot of fat if they moved more aggressively into digitizing their IP. To me 40k isn't the figs or the wargame anymore; it's the universe and the setting. I'm willing to embrace 40k again and again as video games and books and hell, even movies if they'd make a decent one, as long as the price is right. But to GWS they keep viewing using their IP in such a manner as undercutting their core strength....a strength that people have been poking fun at for damn near my entire adult life.
I was starting to think for a while that with Relic and THQ and the continued success of Dawn of War, GWS would see the light. But I guess since they can't control video game development in house, since they aren't a video game studio, they're always going to keep the idea of a "real" 40k video game at arms length. And instead we'll keep getting these spin offs and variations and genre adaptations like Deathwing, Eternal Crusade, Sanctus Reach, Battlefleet Gothic, Eisenhorn, etc and so forth. Sometimes I'm still a little surprised they let Bloodbowl be truly digitized, but I guess it's had its heyday. Unlike 40k which is still under active development.
And I mean....if GWS did go full video game adaptation of the 40k universe and its battle systems, it would probably be the most DLC-happy extravaganza of microtransactions that the gaming world has ever seen. Because GWS still considers a customer untapped if they haven't dropped a couple grand with them. I often wonder what their actual margins are, how they survive when they're vested so heavily in big spenders rather than the broader market.