Simply put, b/c se is odd. I don't see them licensing another company's engine. Might be a matter of pride, who knows.Why would they need to rebuild the engine? Just license Gamebryo Lightspeed or something and build a new FFXI client with it (it's already been used for Rift and Warhammer, as well as Oblivion, Fallout 3 and a number of other AAA titles)
There is really no logical reason to build your own engine anymore, you're better off licensing one from someone else these days and putting your development man hours into content using a prebuilt toolset that comes with the engine rather than having to build your own. And if the toolset doesn't do something you want you can still make your own custom tool to do only that.
http://www.youtube.com/watch?v=t8NsnLfIAcs&feature=BF&list=PLB5F836BEB04E9DF1&index=8
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