I guess they could, but they don't have any trade pieces that anybody really wants. Bazemore is an expiring chucker. Look around the league - who wants Schoeder? The PG market is becoming very saturated.
Favors would put people in the seats due to his Atlanta connection. He's not going to get them to the playoffs on his own. It's a savvy business move to add Favors. Collins and Prince are solid players Atlanta will not look to trade. If I'm Atlanta, I try to build something that makes sense around Collins, Prince, and their top 5 pick. More than likely, they are in the high lottery again next year. Favors just makes sense there without mortgaging the future.