I assume it has to do Hasbro having to fight bigger infringements upon their properties, and the potential for the weakening of their case if they let too many things slide. While Hasbro is (as Mike said) pretty lenient about fans, they still need to be seen to protect their IP, even if the alleged offenders aren’t making a buck off of it.
None of them have actually been taken to court to date. A number of my friends have received them, then contacted the company in question reminding them of fair use listing out the grounds for their non-compliance with the request. Often it is done by the legal teams without actual consultation with the copyright owner as the result of a contracted mission of attempting to be seen trying to protect the copyright. C&D letters are quite commonly issued by major companies to the creators of fan-based art and projects with very little legal backing, secure in the knowledge that the individuals cannot afford to defend themselves should it go to court. Actually, it could be argued they are technically within their rights to utilise the likeness of the ponies under fair use, specifically creating an artistic or satirical piece that is not intended for profit or commercial use in any way, that credits the copyright owners for the creation of the actual, and that is sufficiently different from the actual that it cannot be mistaken as being from the same authors.
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