Microsoft at least owns the trademark on it. Not being a lawyer, I don't know if that's at all decoupled from "the IP" or not, but I suspect they'd be tied fairly close together.

It would also be weird if Mistwalker signed a contract giving MS ownership of Blue Dragon (which is on the list, but has multiple games from different publishers) but not Lost Odyssey. I guess maybe the solution would be to remove Blue Dragon from the list rather than adding Lost Odyssey. 🤷‍♂️