Although no official statement has explained the move, it's unlikely the Rocawear mogul suddenly decided these particular shirts were just too itchy after wearing one himself for some time. In that sense, you have to respect Hova for listening to the reasonably skeptical, angry or just plain amused masses and dropping the item. Of course, the fact that the overwhelming backlash destroyed their marketability probably had something to do with it as well.
Presumably, this means there are a few boxes of Jay-Z's political-fashion faux-pas sitting unopened in some factory, which will probably find their way into the world and end up selling on eBay for exorbitant "collector's item" prices. So even if the people's voice triumphed, capitalism will find a way in the end. (In fact, the shirts are on eBay already.)