They probably don't want the stigma of a "bad" game following them, especially a hardcore game like this, and IIRC Fatal Frane IV didn't release in NA for the same reason. If the game gets good reviews then they may reconsider.
It isn't like Xenoblade where the game got a 92 on Metacritic as well as several awards, and Reggie flat out wouldn't acknowledge the game's existence until several months after Operation Rainfall when the game got an extremely hampered and limited release in NA. Believe me, they have learned from that.
The game being "niche" isn't the problem either. Look at the marketing for Bayonetta 2 and the fact that Fatal Frame is releasing in NA as proof.








