There are a lot of costs in implementing an ISA and that includes: design, functional verification, physical implementation and software testing. All those steps together will require hundreds and hundreds of engineers, many expensive tools and thousands of man-hours. And once you are done, you will need to find be careful not to violate any patents while shipping your CPU to the end customer.
By paying a license fee to ARM, you get all these steps done for you plus with support.
Linux is something that you can download from kernel.org, compile overnight and get it booting right away. RISC-V is something that you need to build yourself.