Bakkt has significantly more chances to come through with regulatory approval since they fall under the sight of the CFTC. Considering that the CFTC has let the futures markets go live last year, I'm sure they'll let Bakkt do its thing as well.
But the CFTC didn't really "let the futures markets go live." The exchanges self-certified without their permission. The CFTC would have had to amend their regulations to prevent that from happening. In this case, Bakkt needs affirmative approval from the CFTC.
My gut says you're right about ease of approval though, because that's how it went with LedgerX.
The only positive aspect of Bakkt is that futures are physically backed by the underlying asset, and not a gambling related instrument that's being offered by the CME & CBOE.
I'm guessing Bakkt will mostly be used for speculation, just like the CME & CBOE markets. If you look at physically delivered markets on Nymex or Comex, most traders close out positions before expiration.