Who would you propose? I mean, look at the entire history of Conan games prior to Age of Conan and you will find games that have absolutely nothing to do with Conan or the Hyborian Age but just slapped Conan’s image and name onto it as a “selling point”.
Just one year before Age of Conan there was this lovely gem of a game.

In Conan, the hero is on a quest to recover his lost armor and defeat an evil wizard.
If that isn’t “generic” enough just wait, it gets WORSE.
By exchanging these points for additional attacks, players improve the hero’s fighting abilities. Magic powers complement Conan’s arsenal, including the abilities to turn enemies into stone and conjure firestorms.
Please, for the love of Crom can anyone tell me WHEN has Conan EVER used magic? In fact, he has always had a deep seeded mistrust for magic. But no, now you can play AS Conan AND use magic instead!!! 
Then you have this game here.

When Conan sees his home village of Grannach burnt to the ground by the mysterious Vulture cult, he begins his quest for revenge against them.
Uh…what now? From what abomination from the outer dark’s orifice did they pull this garbage out of?
Go back a little further and you get this game here.

The player takes on the role of the titular Conan, a blacksmith living in the village of Irskuld, Cimmeria, who takes revenge on those who raided his home and killed his beloved wife.
So now Conan is just some generic arse village blacksmith with a WIFE up until Thoth-Amon somehow brings and army from Stygia through several Hybroian nations (without being stopped by them?) and slaughters his village and kills his WIFE? Again, more generic garbage that has f-all to actually do with Conan at all.
There are a couple others but I think my point has been made already. Funcom is the only company who has actually made any game (two actually) with any attempt at all to be faithful (as much as possible) to the world of the Hyborian Age. Are they the best when it comes to coding? Hardly. Are they the best when it comes to decisions? Again, hardly. But when it comes to making an absolutely beautiful game that truly makes you feel like you are IN the Hyborian Age, no one else has ever even attempted to do such a thing, and I think it is safe to say that Funcom has nailed it.
So it can be easy to toss around comments like “let some other company have the rights to it”, but the reality is that other companies HAVE had their chances before, and they have been woefully lacking.