Well, I think I can chime in as the Indy collector who's POV is most represented in the larger percentage of the collector base of the line. Figures aren't cheap, and space is limited, and I like Indy enough to get figures but selectively. Belloq never had appeal to me, I only ever had him on order for the environment. Even in cermonial gear, I might have been a bit more tempted, but probably not much. Belloq's a character that I think you really have to love Indy and Raiders to want to spend over $50 on a figure for. As a figure, especially non-cermonial, he's just a guy in a suit with a gun, nothing all that visually interesting to appeal. Even Toht, as a pricey figure, isn't very visually tempting, but having the melty face and the accessories gallore makes him as a figure more interesting.
I really think the only characters/looks that have great mass appeal to help this line are Mola Ram, Indy variants, possibly Marion, and Henry Sr., after that, at $90 each it gets more selective for the more casual collector like myself.
I don't care if Hot Toys knocked Belloq out the park, I still wouldn't care to own him. HT running the license isn't the answer, it's not the quality of products, it's the quality of characters to be made as products. Indy's characters really only suit a line like Hasbro where you can get tons of people at a cheap price. At SSC-HT prices, it's a tough property. It's better suited to dioramas. Some characters can be boring as a figure, but a nice diorama capturing them in a classic moment elevates their collectible draw and value.