Well, just to play devil's advocate, JRRT wrote in letter 131 prior to the publication of LotR:
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I would draw some of the great tales in fullness, and leave many only placed in the scheme, and sketched. The cycles should be linked to a majestic whole, and yet leave scope for other minds and hands, wielding paint and music and drama.
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Was this an idle wish only? Arguably, sites like this one remain strong in large part due to creative response to Tolkien's works: the movies, love or hate them, have recruited legions of new fans to the Downs who otherwise might have been oblivious of Middle-earth; the RPG section and the fan-fiction boards have kept many members interested who might otherwise have long ago quit the site.
The fact is, Middle-earth is at present a dead world -- rich, wonderful, and extraordinarly detailed, yes; worthy of months or even years of study and discussion, to be sure -- but stagnant. Is there a risk that licensing Middle-earth to other authors might result in a lot of substandard work? Undoubtedly. On the other hand, it might also result in exciting new material, rich new avenues of exploration, undreamt of adventures. The long idle heart of Middle-earth might beat again; new blood, pulsing with life and imagination, might flow to its farthest extremities.
Christopher's strategy -- though it no doubt springs from honorable, even noble intentions -- is, elf-like, to embalm Middle-earth; his father knew that embalming his world was not possible or even, in the end, desirable.