You have it backwards. The consumer is the one who pays for the product, he's the ones who should get a say of what does or doesn't run on it. You would not accept the same restrictions of any other kind of device. You would think it's an overreach for a printer manufacturer to design its printers so they only accept ink cartridges it approves.
No I don't think it is overreach, I think it is good business. Other institutions (usually, ideally) put constraints on capitalism, through e.g. mandating USB-C, which could also be applied to printer cartridges. A printer company could even do a Patagonia, and make the most environmentally friendly, reusable, printer system available and make it part of their branding.
The vendor is changing the product after it has been purchased, by removing features through software updates.