I meant no one in the rhetorical sense, in that it's an infinitesimally small market. Certainly there's exponentially higher demand for wholesale AVR upgrades, be it for better room correction, HDMI 2.1, more wattage, or what have you. I agree that the $200 license might make some level of sense specifically for X700 Series owners who plan to keep them until they die, but for the reliable upgrader or those with older models it's incredibly difficult to justify.
As I mentioned, tying the license to a single user and serial number actively discourages that customer from ever buying a new Denon/Marantz (as you're effectively flushing $400 in software licenses down the toilet--$200 wasted on your old unit, and another $200 buying a redundancy for the new unit). Factor in customers who own multiple D&M AVR's (who they should be rewarding for their loyalty, not actively spiting) and you'll eventually multiply that by 2x, 3x, 4x, or more.
I get that they're ostensibly targeting "Pro's" here, but that's a very small market, and the overwhelming majority of projects using Denon/Marantz are just installers dumping a bunch of Klipsch speakers in a partially finished basement. 9 out of 10 of them don't even bother running Audyssey and the 1 who does sets the mic on the floor or the seat of the couch. The people doing fully treated $50,000+ rooms with real measurement based setup are being upsold "boutique" electronics and speakers, not Denon's.