Tama-Palace has recently made a tumblr post that goes into detail about why Bandai America made Wonder Garden instead of simply localizing the Fantasy like they did with Fairy and Magic. To sum it up, they don't aim to do every single solitary thing Bandai Japan does (which is why the Pac-Man Tamagotchi never released in Japan), but another intriguing reason is that products like the On are "strategically released based on several factors, including competition."
My theory is that even though fairytales such as Cinderella, Arabian Nights, and Alice in Wonderland are in the public domain, Disney has made popular movies based on them and thus may have a say in their licensing salaries, and Bandai America, being a much smaller company than their namesake, couldn't afford all 3. Another theory comes from how I bolded competition. Tama-Palace's quote on competition may be referring to the big H (aka Hasbro) holding the toy license for the former two as part of their Disney Princess toy license, and Alice in Wonderland was the only license that wasn't already held by a competing toymaker.