Independence
The main reason ARM was spun off from Acorn Computers to become an independent company was that Apple (who wanted to use ARM in their Newton hand-held) did not want to be dependent on a competitor (however tiny). Having NVIDIA control ARM can lead to similar sentiments from ARM licensees that compete with NVIDIA.
I would prefer ARM to be neutral with no single instance (company or person) owning more than 20% of the company.