Imo anyone who thinks they know better than WotC's legal team about the ramifications of reversing the reserved list - especially if those people don't have a law degree, which I would estimate is roughly 101% of them - sounds ridiculous. WotC is a company. If they could make more money printing RL cards than they lose in lawsuits, they'd do it. Companies do lawsuit math with customer safety all the time, where they're going into court against someone's mangled infant instead of a neckbeard with a black lotus collection.
I would guess - as a total legal novice - that if they announced they were reverse the RL, they could be forced to cease and desist (like how that shoe company was prevented from selling their modified nike shoes from the lil nas video). So then they'd be out the lawsuit money, but also wouldn't get the revenue from the RL reprints, and customers wouldn't get them either.
But honestly, who knows? They've certainly got the money to get a knowledgeable legal opinion. Whatever the reason is, any layman thinking they know better is pure wishful thinking.
It's a delicate balance. If they reprint everything expensive into the dirt, it makes it really hard to justify picking up expensive cards and the whole economy tanks. Who wants to spend even say $40 on a card, if it's likely to get reprinted down to $2? I dropped a lot of money on my RL cards that I would have been a LOT more hesitant to do if there was a possibility that they'd get cratered in a few months due to a reprint.Their stinginess with non-RL reprints, though... that's completely greedy on their part. And maybe also stupid, because in the long run, it is stifling some formats, such as modern, and because they could be making money hand over fist by putting out special printings of high-demand stuff at a somewhat premium price, but instead their practices are encouraging players of the most popular format - commander - to give up buying things at grossly inflated prices and just proxy instead.
WotC makes money off packs, but the economy needs to be intact for cards to have any value. WotC is greedy, obviously - they're a company, greed is their DNA. But if they were just trying to make as much short-term money as possible, they'd spew fetches out of every orifice so sell as many packs as possible. They're perhaps overcautious, but I think it's reasonable to be cautious with the long-term health of the magic economy.
But then I've already got all the cards so I'm definitely a biased observer.