That's literally the exact reason. Go to Disneys twitter and look at any of their posts from when the SWBF2 drama was going down and it's just people commenting to fix the problem.

Disney 100% would have threatened EA with revoking their starwars licensing if they didn't find a fix as aside from the bad image it gives Disney (who care a LOT about their reputation) it could also impact the sales from the new starwars movie. Unlikely but still.

I heard that the day before they made the change, the head EA guy got a phone call from Disney to talk about SWBF2.

What will likely happen is either
#1- they will actually make changes and make lootboxes cosmetic only
#2- they can fall back on the ambiguity of their announcement (not specifically stating what they'd change so they can't be held accountable) and just make minor changes like slightly reduce the p2w factor of the game, and re introduce the microtransactions at a later date when the drama has died down and they've reached their expected sales figures.

Hope #2 won't be the case, and there is a chance it won't be due to how important starwars is, but then again there is a reason EA has been voted the worlds worst corporation before