I dont think they are completely done, at least I dont want to believe that since they are my favorite group. But I do largely agree with the points in your post. I've felt that BP was done with idol life for a few years now and wouldn't have been shocked if they didnt renew. Though as you said, no reason not to. My only argument would be why would YG not wanna cash in on BP one last time while he can, but he seems to be doing just fine with BM.
Edit: did not realize this was a mamamoo debate thread i apologize for actually contributing the topic of the post