Cash grab? I didn't realize licences were so profitable for the govt...

It might be that there is enough of a population to allow a small harvest while growing the population and maintaining sex ratios.
It might be that maintaining a limited hunt is viable and has the benefit of maintaining the culture of hunting and the benefits it provides to people.
It might be that hunting mortality is often compensatory with natural mortality, thus having a neutral effect.
It might be that managers Want the population to drop. Ya know, starve the wolves into submission.....