Yes, because thats just as much their right if they are granted the trademark. Just as much it would be Bell's right to sue a brewery that uses bells in their logo. If Bell's and the brewery agreed on a settlement outside of court for X amount of dollars, thats their business to settle, Bell's is in the right to ask for an out of court settlement, and the other business would be in the right to offer an out of court settlement.
Two Hearted was the first IPA I tried and really tried digging into the experience of an IPA and tried to enjoy. I like Two Hearted, I've also brewed a Hopslam clone and tried the commercial version and its pretty tasty.
If Innovation Brewing is granted the trademark, by our logic here it would be perfectly within their rights to sue Bell's for infringement. Do I think its completely ridiculous when its just a bumper sticker/t-shirt slogan that could not possibly be construed by anyone with a brain as being the same product/beer/brewery? Yes, I think its stupid. But if Bell's wants to protect themselves, settling out of court to me seems like the better option here. Define "exorbitant" amount of money. Did Innovation ask for 10 million in damages? Or did they ask for a million? Right now I'm betting that Innovation is delaying for time for the trademark application to go through and grant them the trademark so they can bring an actual case against Bell's and force them to settle out of court.
If Innovation picked their name purely to eventually sue Bell's, yeah, I wouldn't be on their side anymore. But I highly doubt they saw these bumper stickers, though "I'm gonna make a brewery, then sue Bells".
TLDR; I am on Innovation's side on this regardless of my like/dislike of Bell's.