That's my only distinction. WotC's D&D team hasn't created any new setting for 5e. They just move licensed settings through the pipeline.
I think you weaken your position every time you have to split hairs.
Do you really think the content creation for the setting is all that different when it is licensed vs not? I submit that the difference isn't really about creativity or work needed - it is a marketing business decision. Licensed properties are expected to have some "built in" audience, where an entirely new one does not.