That's why it is a clear benefit to Hawaii. But the PAC teams wouldn't be giving up home games to make that happen... because it would be an extra game added to what they already had anyway. So they'd still have just as many home games as before (actually maybe even more because they could more easily justify 8/13 being home than having 8/12). So no loss of gate revenue for them there.
Also, I don't think Hawaii would actually be considered in-conference (for purposes of conference championship or Rose Bowl or the like), so probably more apt to define it as a scheduling agreement (though I could see it similar to ND where they're eligible for lower level bowls).
It's a very non-traditional arrangement, but I think there's potential there