Yeah, I, too, think this is exactly what happened.
At this stage, to be honest, I don't even know if Sony should acquire SquareEnix. Personally, I was more excited about this acquisition to see how Sony can revitalize their Western studios that have been performing poorly as well as some of the older IPs (Sleeping Dogs, Legacy of Kain, Deus Ex, etc.).
As that's no longer on the table, from Sony's perspective, I think it'd a better idea to just make KH4 and DQ exclusives as they already have Final Fantasy exclusive to PlayStation. That's pretty much the entire SE output at this stage. And use that acquisition money to get someone like Capcom if they are selling.