License Policy auto-approval is dependent on Type (“Component” versus “License Only”)
Regardless of inventory type ("component" or "license only"), the policy approval process should be consistent (see difference for review status below).
Could you please let us know the use case which you are trying.
If we navigate to Analysis Workbench, create an inventory of type license only. Save and Publish, Inventory Approves or Rejects according to the policy settings set.
But if we create an inventory of type license only and Publish the inventory without Saving. Policy is not kicking in and we have an issue for this behavior.
Let us know if you are trying any other scenario apart from the one mentioned above.