We used to be taught that one of the Bad Elements of feudal life was that the local lord could impose arbitrary taxes to use a road or a bridge, with no recourse for people and tradesmen. Now we are at the same point in the digital world.
Apples argument, which has legally worked so far, is the competition is at the ecosystem level. The iPhone and App Store are all parts of the whole. If someone doesn't like they can go to a competing ecosystem. Think game console, not computer.
Imagine buying a house, and having to ask to the original builder for permission to buy wardrobes, or a fridge, a table and chairs. The builder can tell you what he does or does not allow, and takes a cut of every purchase you make. It's a ludicrous proposition, but that's very much how our digital life currently is.
In Apple's case there are no reasonable alternatives and no practical way to say "no" to the service if you want any business at all. That and that alone should be the issue at hand. What Apple is doing should not be legal on that ground. Either they allow third party stores, or they adjust their cut to a level that can reasonably argued is aligned with the value they're adding to the publisher of that app or service. Now they're in "we can charge whatever because we're the only route to getting your product on Apple products" land, and that's just not where we want to be.