Stuff like that is why I can never use Apple products. It's my device, not theirs; I own it, I'm not renting it. Let me do what I want with it. Or be honest and rent it out to people instead.
When a modern Apple device stops getting updates, for all intent and purpose it is mostly a useless brick to most people. The saving grace of their older computers was that they could run alternative OS because they used a mostly compliant PC architecture, but with Apple Silicon it's not even on the table anymore.
It's like if a car manufacturer could decide exactly the date at which will stop using the car, no matter how many miles you put on it or how useful it is to you in the current situation.
That's why I think it should be regulated, and don't find the arguments about stifling innovation to ever be convincing.