As much as the entire Elder Scrolls fanbase would LOVE to see Bethesda try and liscense a full engine, or just code up their own engine from skilled technically/engine/graphics programmers, it simply won't happen.
1. Their coding department lacks the knowledge and experience required to make their own solid engine from the ground up, plus it takes a lot of resources (which they probably do have, but still).
2. Liscencing a full engine is very expensive, especially if it is modern. And you also have issues with how much you can actually do in that engine. Gamebryo/Creation engine svcks, but it does several things very very well that makes it perfect for Elder Scrolls.
3. They'd basically have to relearn everything to learn how to build a game in a different engine. Which is good mind you, but unlikely, and bound to cause a lot of problems for their first released game on the new engine
4. Modding would be severly stunted. Gamebryo/Creation engine is great because we can get things like the Creation Kit rather easily - even if these dev tools are abysmal or archiach, they are much more powerful than your average editor you can get with an RPG game. Unreal Engine and such allows for a great degree of control for those who own the source code, but those that don't (aka us modders) would have to rely on just doing level/world edits and simple gameplay mods, unless Bethesda spent a lot of time modifying Unreal/Cryengine to work seamlessly with their quest design/loot design/spawners/NPC/etc workflow, versus just doing it the easy way and hard-coding all of that.
IMO what Bethesda really needs is to simply hire a bunch of very skilled engine-level technitions to really make Creation Engine stand up on its own, and not be so outdated/sloppy. Really work on making everything logically and naturally work together, maybe even get some WYSIWYG editing tools in there too. Clean it up, etc.