Sorry you had to wait over a year, first of all.
As for your question, I might have an answer (but your guess is as good as mine). The rights in the US are shared with Toho and Miramax (the latter having US home video rights). But sometimes just because a studio like Miramax has the honors of distributing the film (home video or otherwise) in the States, doesn't always necessarily mean they own it outright. Sometime sooner or later they'll revert back to the production company. Of course, the studio who still distributes the film in one country have the option to renew distribution (unless it's out of their hands).
Could this be the reason why Godzilla Vs. Biollante is OOP? Probably, not sure (a selection of foreign films Miramax once distributed did revert back to the films' production companies). Other reason is probably because the Blu-ray/DVD had burnt-in Japanese subtitles for the English dialogue in the film (yes, even the film in Japanese features English dialogue).
If it's anything, Viacom is a contender in acquiring Miramax so even if they still own Godzilla Vs. Biollante, either Paramount will reissue it or sublicensed it to one of the labels they have a deal with.
BUT....even when it comes to Godzilla films on home video (save for King Kong Vs. Godzilla except for Asia), Toho has to make the say and final approval before anything can happen.
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