I'd like to see some numbers. We really have NO IDEA how much it costs to localize a game like that. With Skits? Without Skits? Only cutscenes (no in-game voice)? No Voiceover at all?
I'd be willing to bet (but maybe my assuptions aren't right), that if they sold the game with NO VOICE ACTING at all, it wouldn't lose them that many sales. In fact, voice acting is a double-edged sword. If you have it, people are going to judge it on quality, if you don't have it, people will give you the benefit of the doubt for not having it. So, the cost of selling a game stateside goes down because you cut out a large chunk of the update cost. But selling a game to a different region costs a whole lot more than just localizing and re-voicing. There's re-printing, packaging, instruction book design, marketing, ESRB rating, shipping, a whole lot of new costs, and a whole lot more work.
All in all, though, I'm willing to bet that since 95% of the work is done before they even start a localization project, that it would make a profit. Then what's keeping them from doing it? If all of this is the case, than we can just point to laziness. But we really can't say that yet, because maybe there are some ligitimate financial reasons for not bothering to localize a game. They're a business, they'll jump at any chance to make a few pennies.