If I’m allowed to speculate, I simply think they didn’t want to obtain/pursue/negotiate the more costly COTBP license and instead renewed the DMTNT license they already had to be cost-efficient. I mean that’s what the community says right? That current licenses have a time limit and expire.
Who knows. Disney obviously has their say here and it all comes down to how the contracts are set up.
Hot Toys has a history of being complacent and whatnot, so that’s why I’m cynical about them. They must know that most of their consumer base won’t really care if it’s not a specific look. And sure enough, the majority didn’t and still don’t care. “It’s still Jack.” Hot Toys doesn't mind taking advantage of their consumer base when they know they can get away with it, if it means saving more money. Everyone talks about this Artisan Jack release like it’s the best thing ever and hardly anyone (aside from a few handful of us) mentions that it’s from Dead Men Tell No Tales and that they’re disappointed it wasn’t another more ideal look.
It’s Hot Toys MO. Most think it’s all part of a plan to release the undesirable iteration first to milk your wallet when the ideal version is finally made. Imo, I think it’s something that can be handled upfront and Hot Toys simply don’t do it out of being more cost-efficient without regard in giving the people what they know they want.
Just spitballing here. And I’m basing my speculation (just like everyone else speculates) from what they’ve shown me and I’ve observed in the past.
Why should folks who don't mind if it's "not a specific look" and just a spectacular figure say anything, except be happy that their money was well spent and this figure - at least mine - came out of the box proto quality? This is a character whose look evolved/tweaked through a series of films, probably thanks to the personal input of the actor involved. I suspect Depp was having a lot of fun working with the costumers. Probably selected all the beads etc. himself because he wears that kind of thing in real life.
And I don't know that "most think" - besides unknown licensing issues. As far as I know, licensing is very specific. You can only make/distribute what a license says
unless you are the 3rd parties that shall not be named.
And collectors IMO, to a degree, cause releases by themselves. Folks often want the fig from the last movie which in theory is always the better figure (and this sculpt is certainly an improvement from early Jack efforts). DMTNT made ~800 million global box office, so we're not talking a bomb here. Who knows from merch and streaming. For all we know, the COTBP license is the cheapest, being ~20 year old film.
Like, I'm not ditching my latest Obi fig (great fig
) because of a lackluster script. And I sure don't feel taken advantage of.
Make a product I like and I'll buy it, nobody threatened me. So if it's a conspiracy to get my money, HT can carry on. That may annoy people who regularly sell/trade figs for the "best" version but I never buy for anything but enjoyment. (Nobody threatened me into getting the SW Artisan either; even tho I own the original CW version). Finally, the later Jacks having a more elaborate costume/hair justifies a higher price. The COTBP figure would be easier to output; but so - maybe you want an elaborate base/accessories. But not everyone wants that or has the room.
I'm just hard pressed to think that the HT folks are sitting around scheming that 5 years from now, they'll release the "ultimate" Jack Sparrow. Well maybe.
The 25th Anniversary version
. But will their "typical" consumer want to spend $700-$1,000 on a character from a movie ~25 years old, by then. I'm sure HT thinks about that too.
Those weren't too bad, but like a nice bow was over 20$. 
