This line was probably required to get some manager at Apple to sign off on this. There are few companies as protective of their trademarks--their _name_--as Apple, and they probably wanted to make sure that an accidental commit from a developer that included an Apple logo or the word 'iPhone' didn't cause irreparable damage to their trademark.
Valid fear? That's debatable. But I'd rather have a company add _one line_ to an already minimal license than not open source at all out of this fear.