I never even knew Twitpic was an independent service like Imgur. I thought it was just an url shortening/caching feature built right in to Twitter (I don't Tweet)
Edit: or just scrape all the images, put them into their own service, then cut them out?
My opinion is that you're right but it's Twitter's money and it knows lots of things (how many Twitpics, how much traffic etc) that the rest of us don't...
who would want to buy them if that's true?