Why not LEGO you ask? Well Lego prefers to avoid what it sees as promoting violence, or having violent characters. There are exceptions to this of course, but they are highly lucrative exceptions. Star Wars was made and continues to be made due to this moneymaking nature (Collectors, collectors everywhere, and sky-high values, this model started at $500 and as you can see is now five times the price.) The Marvel & DC series are also somewhat collector-oriented, but more importantly Super Heroes are now seen as a very kid-friendly subject.
WoW would fail this on multiple points. It isn't child-friendly to begin with, and the ages of kids targeted by Lego (~6-14) mostly don't even know of WoW let alone play it. Many adults may know of it it, but I doubt non-WoW players would ever buy a model for themselves. 10 million players, you're looking at a very insignificant purchasing demographic, 200,000 seems optimistic. Factor in that Lego piece molds are obscenely expensive and you begin to understand why Lego wouldn't make them.
Mega Bloks on the other hand can produce models like Sindragosa fairly easily because they don't have as stringent quality requirements as Lego. They've also already established themselves as makers of Video Game models, with their Halo series. I would further speculate that Mega approached Blizzard with talks for producing such a series, and since AB makes 100% profit on such a deal, it made sense to go with it.
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