I don’t think competition is the issue. I think a perfect analogy was given in the other thread:
If the license says no reproduction, then it’s not supposed to be re-made. My guess is that a reputable business would likely refuse it if they knew it was licensed in a way that said they shouldn’t make it.
Similar to how an online service that makes movie backups for you can not and would not make a copy of a studio released movie, as the studio forbids it.
So unless Ryan gives an OK for an exception to the license, I would think it’s not OK.