Eh. I guess they could try, but if they were caught they'd be even worse off legally.
Like I said, though, odds are good that they'll release it for free and Hasbro will leave them alone.
Now if I ran Hasbro what I'd do is leave Mane 6 alone, but track their downloads. If enough folks picked up the game for free I'd see about hiring Mane 6 (and others) to do a bigger, better, officially licensed game that I could make money off of.
But I don't. Le sigh.