A "squatter" is someone that is doing something illegal. The term is used all too often for domain investors even when there is zero trademark infringement.
In this case, there could have been. But rather than hammer on someone that seems to have been a fan, any concerns could have been negotiated first to see if an agreement could be reached.
Don't get me wrong, everyone needs to protect their rights. But too often the lawyers tell people and companies that they need to squash this abuse and extract the proper measure of blood. Sometimes they should.
But in most cases a domain owner will respond when you contact them with concerns that are reasonable. In this case, the small gains appear to be outweighing the negative PR and the former domain that was a "tribute" now redirects to meatloaf.net where it may bring some traffic, but most will know about the official site anyway. Why decrease the amount of promotional content about yourself in this manner?
It makes no sense to me and I posted a message that says as much on Meatloaf's Facebook page. I would have contacted him via his web site, but like so many larger sites, there is no facility for doing that. No contact form, email address, or phone number. Nada.
Have an opinion? Go to Meatloaf's Facebook page and let him know. I am sure he will be interested either way you feel about this, but be professional, ok?