Would they ever give the thing back though?
It's a little strange to have so little morals you accept a stolen gift from conquerors and don't make the slightest effort to return it over a considerable period of time, even after doing such a thing becomes the accepted moral thing to do...and then suddenly develop a conscience and set of morals so particular that "who is running the country" means you can't return it.
It's almost like it's a very thin excuse and not a legitimate reason.
It doesn't belong to France, and it's not France's place to decide that they don't like the particular guy running things at that moment and thus refuse to return it.
Really, Europe just has a massive problem refusing to acknowledge any of the brutally oppressive colonialism it was responsible for across centuries...
That political entity no longer exists, and the people of Egypt would likely never have willingly parted with the many obelisks and other historical artifacts that have left their shores.
1. You need to draw the line somewhere. It is simply not possible (nor even desirable) to redress all historical wrongs. It seems reasonable to not attempt to redress wrongs which are out of living memory for anyone involved.
2. As others pointed out, the people currently living in Egypt is not the same people who lived there when these things were built anyway, and there was a hell of a lot of conquest to get from there to here. This is not a case where the Ottomans stole it from the original owners. That makes this not a very good candidate for giving it back.