To clarify my point, you're not going to see Disney license videogame rights to EA AND Obisidian for Star Wars. You choose one runner for the market and they establish the brand in that market.
You actually see that quite often! Its generally unusual for a flat out media product, but for example Marvel has been licensed out to Capcom, Crystal Dynamics, and Second Dinner (A mobile developer) all at the same time! While one of these isn't in direct competition, two of them are multiplayer console games.
It comes down to the details. Terminator has been licensed out to like 6 videogames this year alone because the license agreement was as much a promotional one as one to get the rights to the character (Including to Warner Brothers, which is... really weird... basically one movie studio is promoting a rival studio's movie using its game development division...), so its likely the companies receiving the license were not expecting to get exclusive rights to the Terminator in a videogame but also weren't paying for it.
Star Wars doesn't have multiple companies pushing the license likely because EA specifically has exclusivity, but exclusivity in a licensing deal is not something that is assumed, especially because defining what a competitor is is rather hard. Are Hasbro and Funko Pop in competition or are action figures and Funko Pops different things? I dunno. That is up for the involved parties to decide, and it isn't unusual at all to toss that out to WHOEVER. Apparently Disney, Hasbro, and Funko all decided they aren't, or didn't agree on exclusivity in the domain of collectible figures. Meanwhile Captain Marvel's only food brand deal outside of like... birthday cakes... was with... Dole (yeah, I know, weird, I double-taked when I realized the Pineapple I bought was superhero branded) so its possible, but not guaranteed, they got exclusivity on that movie.
It also is sorta 'normal' in the domain of RPGs and boardgames (and overall in the current corporate era as things start to get a little monoply-esque) to have relatively 'weak' or even non-existant exclusivity. Dragonfire is a prime example of this, it isn't exactly like CGL became the main developer of D&D themed boardgames, with in addition to the standard Harsbro 'reskins' like Monopoly and Clue, has other companies like Wizkids and Avalon Hill in the mix! You even have direct genre competitors! And this is assuming that CGL licensed out D&D, rather than Hasbro licensing out Crossfire, which while probably less likely is totally possible.
Licensing deals are
extremely detail oriented and are all pretty much unique. The thing going on between CGL and Pegasus isn't even that weird in the grand scheme, we just don't know much about it because Topps, CGL, and I believe Pegasus are not publicly traded, so its very mysterious what the nature of the deal even is.
