Qualcomm had gotten a steal on the acquisition of the mobile graphics team(s) from AMD, so the loss on investment would be little overall.
Considering Qualcomm's sales figures I'd be very surprised if the investment hasn't been covered multiple times by now. We don't know what Qualcomm's true intentions are yet, but on the other hand I don't see much reason why they couldn't hypothetically sustain their graphics department and license 3rd party GPU IP at the same time (for higher end stuff f.e.).
IMG isn't obviously the real topic here but despite the majority of their IP being sold and integrated is graphics related at the moment, I wouldn't suggest that it's their only concentration. If IMG wants to grow to N height and reach its targeted 1B chips in the future I'm afraid the other two subdivisions like Ensigma and Metagence should pose a quite huge growth rate in sales too. Even further and being quite ironically they're gaining quite a big pile of revenue (always compared to the IP revenue) from PURE. Don't forget the Hellosoft and Caustic acquistions either and it all comes back to the point that a significant growth for IMG will be more a combined effort of all addressed markets then a pure graphics IP concentration.While Qualcomm may start out committed to being competitive, their priority is their SoCs, and they'll ultimately make their graphics reach far enough for the needs of those SoCs while IMG must dedicate themselves to conquering the world with their graphics. An IP supplier like ARM would be like IMG in that way, investing what's needed to be better.
Qualcomm could have instead of acquiring the Imageon team just licensed 3rd party GPU IP from whoever, but I'm not convinced they would had done any worse at least they've done so far. IF they should now license 3rd party IP it might imply that they've hit some sort of brickwall in order to get N technology level in time to market. With the embedded market accellerating more and more it comes hardly as a surprise.
If they should have gone or will go for a Rogue license the source who fed the above to the press should be mostly likely be prepared to look over its own shoulder.