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Since they didn't verify all code on the laptop, and since the EULA said that they don't actually own the code, only rights to use the code, then there is no reasonable expectation of privacy using the laptop.

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There's no absolute expectation of privacy on the laptop. There's definitely a reasonable one, unless someone wants to argue that a layman independently verifying every bit of code and every silicon gate in it is "reasonable".

Is there a reasonable expectation that my new car won't explode when I turn the ignition, if I haven't stripped and rebuilt it to verify every part?

So anyone using a computer with any proprietary software on it has no expectation of privacy?

There is no clear line where total privacy starts and ends with technology currently available on the consumer market. Even if you don't use any proprietary software at all (which is very difficult to do for most people), your privacy could, in principle, still be compromised by the underlying hardware.

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