Hmm, I bet it's the "No offensive use" bit that is the killer.
For example if someone made a game with MAX with some far right dialog and used Microsoft tools to generate the .wav files and lip-sync files, then shipped the game on Steam ... when the poop hits the spinning thing who would be right in the firing line for *allowing* it to happen? Um TGC of course.
Of course the games author is the one at fault in this scenario but Microshaft isn't going to come after the minnow are they.
Unless TGC collect together all the licensing small print of all the component parts of MAX, including all those parts built in to the potential users operating system and gets all users to tick a box saying that they will abide with them all before allowing use of MAX on that users system there is no way they can cover their backsides from any potential fallout from its use.
I have been subject to threatening letters from MS lawyers in the past, it's not a nice experience.
Been there, done that, got all the T-Shirts!