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If you're not going to do a retail release, just do an e-Shop release for the West, what's the big deal?

The translation should be mostly done as is anyway as this is a remake and they could just dump the PSOne translation I suppose.

Even at $39.99 a pop on the eShop, lets say 100,000 people between Europe and North America download it that's still likely an easy couple of million dollars in profit for Square-Enix. Why not? Nintendo probably being buddy-buddy with the DQ developers might even waive the licensing fee for the NA/Euro downloads.

That's the beauty of the eShop, there is really not much of an excuse to not translate games.