So much of this plan just seems not thought through.
1. There's no way in hell Hasbro's going to give them a license. No exec is going to take that risk. "Sneaky Kitty Studios" is a bunch of literal whos with no track record and may or may not be making a literal porn game. The potential downside is a PR disaster for a billion dollar brand, and the upside is, what, some fraction of $2k a month from their patreon? $2k/month isn't even a rounding error at Hasbro's scale.
2. If they did get a license, it would come with strings attached. Just look what they did to Lumsdon for manga volume 3. "Bring the world to life" - which world is that? Post-epilogue creaturequestria? You want to make a game where you can go to Sugarcube Corner and talk to Weird Al while 50-year-old Ponk teaches her kid how to bake a cake?
3. It sounds like they're all-in on the license idea even though it's utterly ridiculous: either they get the license, or they throw out all their existing content and make a game with a bunch of OCs in the same setting. A game set in Equestria but having no canon characters would work just fine for a lot of genres, but not for this one. The entire selling point of this game is that you can marry your waifu, which of course goes out the window if they remove all the canon characters.
4. They really didn't hire a lawyer, by the sound of it, which I guess means they're going to take Hasbro's lawyer's word on what they can and can't use. And when they ask whether they can ditch the characters but still use the MLP setting, the lawyer is almost certainly gonna say "HELL NO", even though they probably wouldn't even send a C&D for that normally, just because that's the answer that minimizes the risk to Hasbro. Maybe in a year they'll need to sue some chinese bootleggers for making "Ponyville" toys, which might theoretically be infinitesimally more difficult for them if they officially permit these randos to use the Ponyville name for their unlicensed game.