I'd normally agree with you, but there's some other data that ARM has been cracking down on third party IP vendors for years.

Imagination is almost dead not just because of Apple opening a chip dev branch basically across the street and offering Apple salaries to nearly anyone who wanted to jump ship, but also because of ARM licensing Mali + ARM CPUs for cheaper than ARM CPUs by themselves. It's why you see Mali in just about every Mediatek and Allwinner design. Even a free IMG GPU would be more expensive. It's why IMG went through that boondoggle buying MIPS in the first place.

So Qualcomm's complaint matches the current trajectory of ARM's corporate strategy.