Nope. To me, this is stupid on URL's part
Its tough to say without knowing the details.
For URL to throw this event independently, it could be they want exclusive content for the app or maybe they didn’t have Caffeine’s support.
From Caffeine’s perspective, we got a controlled facility, where we can do everything here in California. Why would we do a live event in North Carolina with Covid going around? The only event with crowds that would make sense is SM. I’m sure they always welcome the content, just on their terms.
From URL’s perspective, we gotta do an event with a crowd. This is something a white company would simply not understand.
I’m just speculating though.