It's not like Iwata is the CEO of NOA or anything...
oh.
Irrelevant.
Reggie makes most of the local decisions (he is the President, and Iwata's CEO position is more for control over the larger schemes of the organization and mostly an "in name" position... as is the case with many CEO positions) and has been doing so for a long, long time and long before Iwata took over. NoA has been spotty (at best) since Kimishima was promoted from the role. He's always been condescending with fan things as well, usually following the line of "we know best" which is generally the opposite of the other branches. Iwata and NCL have no real reason or incentive to keep titles from releasing in the states while releasing them elsewhere without even batting an eye, these are calls coming from the branch directly.
Reggie is a marketeer and commerce man, he's not a gamer. There's a reason a lot of actual gaming fans prefer Bill over Reggie, while Reggie himself is more of a pop/meme-icon. He moves and acts like a businessman, though, and the gears in his head click much the same way. He moves as he thinks is business logical (not releasing dead-end titles like D3rd, that would inevitably just lose them money) rather than someone like Shibata and going with it for the sake of fans.
This is why the growing influence/notoriety/autonomy of Treehouse and Bill is a good thing for the company in the Americas and as a whole. It's been a gradual thing for some time but you can really see how they've kicked off into full gear since E3 2014, and were given a lot of freedom with Splatoon's promotions which they ran.
Treehouse is probably why we're even getting FF5.