Namco Bandai has different standards than an outfit like NISA. NISA knows their games and niche and aren't going to sell that many copies so they keep their costs in line with those expectations. It's possible for them to eek out a small profit that way and stay in business but they're never going to be rich.
Namco Bandai is a much, much larger company and for them Tales is one of their key franchises...at least in Japan. Because the games do well in Japan they have, perhaps, unrealistic expectations of how they 'should' sell in the US. Since those expectations generally aren't met they don't consider it worth the effort. True they could try do things the way NISA does, keeping costs to a minimum, but for a large company the potential profit from doing that isn't worth the opportunity cost. They'd rather have their people working on things that will get them more money.
At the same time they are very controlling of the franchise because it is big (at least in Japan...) and they don't want to just hand the localization effort over to a third party for a quick buck. I honestly can't say that there isn't some logic behind all of this but the end result--not having the games localized at all--sucks for us.