From a moral and ethical standpoint, I would agree. The problem is, there are significant legal ramifications. If they allow this use of their proprietary content without any licensing agreements or other arrangements, this opens a floodgate and becomes a legal nightmare. (Note, I am no lawyer, this is just based on what I've garnered from discussions on such things in the past). This is no trademark contesting, but there are still complications.
Basically, this is the only option CCP had. It's one thing to create mods or rebuild the existing thing. It's another entirely to completely remake a game with a whole new engine etc, without doing so in cooperation with the IP owners. Look at Black Mesa. They went ahead and created a free recreation of Half Life, in the HL2 engine and they got Valve's cooperation and blessing, partly because it was a mod and partly because they approached Valve as soon as it became apparent what they were actually going to do.
In this business, it's not easier to be forgiven than get permission. Permission must come first, or you leave the IP owners no choice.