I am not sure I agree the value is in the IP. You could argue SEGA, for a while, by copying the times trends during the age of the Megadrive and its succesors, had many strong IPs.
It turns out IPs are worth almost nothing by themselves. They need to be backed by released, commercials, and SOME SUCCESS. The latter is the hardest.
So what do I mean by this? Well, during the early 90s, Nintendo did license out some of their IPs over low threshold. The results is things like CD-i Zelda(3 shit games), Mario Teaches Typing(MS-Dos, developed by INTERPLAY !!!).
As we sorta can see, IP's are not worth shit by themselves. They need to be backed up by current or former media, to even exist.
And so far, even if Nintendo is a backwards company led by old Japanese men, with foreign sub branches filled with weird people, the fact is, they do own their IPs. But since the IPs are not worth anything by themselves, a Nintendo game tends to be a game that has some threshold of better production value.
It could be anything from smoothing over the mechanics, to removing tons of story elements to smooth up gameplay, or it could be raw quality.
I don't think Pokemon GO is a bad use of the IP.
Even if GO is in many ways a total converison of Ingress, the point still stands: GO has better goals than Ingress ever had. And GO's goal synergy enough with what Pokemon as a IP is, to allow GO to become the current hit.
I've seen installation projections for Android, that claims GO has a install base of over 5%, compared to 2-3% for other very popular apps(Twitter, Snapchat, etc). Go is insanely popular.