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Media Blasters isn't actually defunct, and they most likely aren't in the legal sense anymore either. They were listed as dissolved by the state of New York back in 2011 following a mishap involving tax extensions, and though I don't have any articles stating they got that reversed, the article linked indicates they had talked to officials and were working on doing so. It still created a bunch of confusion and lost them a bunch of licenses, though. Season 2 of Squid Girl was amongst the casualties, though they apparently retained the license to Season 1 and they still continue to sell it on the PSN Store and the Xbox Live Marketplace, in addition to having 10/12 episodes available on Hulu.
Either way, from those links, it sounds like whatever license they do have applies only to Season 1 of the anime, and another company could've probably picked up season two in the US (but none did). Crunchyroll has also been able to continue streaming the Japanese version of that season (as well as the second season and the first two OVAs) in the US (or rather, everywhere except Asia, at least for the OVAs) despite Media Blasters' license, and the Japanese eBook site BOOK☆WALKER (which supports region restrictions for manga) doesn't include a region restriction for the Shinryaku! Ika Musume manga. From all this, it's doubtful whatever rights Media Blasters have would cause issues for US distribution of game content. No idea on Manga Entertainment in the UK and Madman Entertainment in Australia, but it's doubtful they'd have any more generalized rights than Media Blasters.
Of course, I'd agree this all doesn't guarantee anything, though. None of the Ika Musume mobile apps were released in the US aside from a music visualizer that's available in the US on iTunes, but region-locked to exclude the US on Google Play. That and the relative obscurity of the series over here is still a big concern as others have stated, but I really do hope they do whatever checks they need to (if any) with the rights and make this a worldwide thing rather than one that's limited to Japan.