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Maybe OWI wanted to have a game for every system? I mean, everything that's been said here is perfectly true. Bad graphics, poor music, repeated storylines, but OWI made it possible for OW on the go!
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If OWI wanted to release an Oddworld game for every console, they wouldn't
have cancelled Stranger's Wrath for the Playstation 2 and they most certainly would not have invested into licensing some cheap Game Boy games that nobody will come to appreciate anyway, because it wasn't developed by them and it doesn't live up to the Oddworld standards.
The way I see it, they wanted to make some more money, and that's fair, but they should have developed it themselves, which brings us to what nate said and I totally agree with him - it would have been a bad move by them to work on these games, so of course they let GT Interactive develop the games instead. They made a little profit by sharing with GT but they were still able to work on their major projects - which were quite successful.

You can't blame them, but like I said, only reason to play these games is if you're a total Oddworld junkie and you're out travelling and don't feel like dragging your 20lbs Xbox around with you.