Exactly this. Compared to films like Uncharted and Dune (which both opened in low 40Ms and got sequels), D&D is doing okay, and Hasbro's investment in the film is def more about lifting the D&D brand than having this movie be profitable on it's own (though it still could be!)It's complicated, and a lot to do with expectations. This was an extremely risky film for a studio to put that kind of money into, and it only happened because Hasbro underwrote half the cost. So it doesn't have to make as much as you might think for Paramount to make a profit, and for Hasbro this is partly about building up the D&D brand, so it is an investment in their future. Which is laudable! And for an unknown franchise (to the movie-going public) this is a good opening, even though it would be a disaster for, say, a Marvel movie (to put in context, Iron Man launched the MCU with a $98 million opening. In 2008. But superhero films were already an established genre at that point).
Launching a new film brand, especially for a relatively underserved genre, is hard to do. But if the film is good (and this one is), it can make money over time and create the conditions for more profitable sequels. So this film is mostly about the future.