Nike is going to be Nike. Jordan is going to be Jordan, but I honestly think Nike wasn't sure what to make of Kanye being a guy who could even remotely threaten MJ's 30-year reign as the street sneaker icon. That retro business is so crazy and they're just working with half the catalog - they weren't about to have some rapper come in and drop a line thats just as hot or even hotter with today's crowd.
They won't lose any sleep over this, but I'm not sure handing adi a small victory is the best result either. That company has been doing some really smart things linking their brand to European fashion and soccer. They're starting to find a lane and roll with it. Not threatening the Swoosh anytime soon, but they can keep picking up little pieces of the market here and there.
I also look at it from an athlete standpoint - having a Kanye collection of footwear and clothing is going to be a great recruiting tool for them when trying to snatch kids from Nike out of school.