It's also a matter of style. I'm generalizing here but Bioware and Obsidian/Black Isle have different design philosophies.
Bioware tries to make their rpgs as appealing to the general gamer as possible. They tend to take the safer route by having clearly definable good/evil choices and play around with themes and story plots that are mora palatable to younger gamers. They place a heavy emphasis on humor and on simpler roleplaying choices. They follow a formula that works and sells games.
Black Isle/Obsidian rpgs tend to be darker and more mature. Their games are more morally ambigious and require greater player introspective to fully enjoy. They tend to experiment more with their story structure.
Bioware has more and a greater variety of fan types than Black Isle/Obsidian, but those that are loyal to BIS/Obs tend to be more rabid because they see themselves as more sophisticated than Bio fans.
I like both (all 3?) companies and their games in anear equal manner.
To answer the question, NO. I like diversity. If Bio made K@, they would have mada K2 more of the same.
If you want to see A KoTOR sequel by Bioware, play the Baldur's Gate or NWN series. The story design for those games are similiar in structure to KoTOR.