Phones shouldn't have an expectation of privacy if they're over analog lines as you have no control over the content once it leaves you. I, personally, think that they're both overreach but, legally, I think it's the difference between someone listening to a conversation you're having in a public park vs. one that you're having in your bedroom at home. If someone can hear me in a public park, that's on me as I clearly didn't put thought into how accessible I was. If someone can hear me in my bedroom, though, then I have to question the integrity of my home.

Encryption was specifically created to guarantee the integrity of an A->B interaction. If we're compelled to break that, then the whole system is no longer able to be trusted and its integrity is shot.