Not exactly the way for a university to encourage a local "Silicon Valley" to develop around it.
Good point on that. It's like applying controls on children in high school to college students.
It really wouldn't matter if it was high school. If it's not created or hosted at school, the school has no justification for doing anything to the creator.
I'm not sure if you're speaking philosophically, but there's plenty of precedent for high schools in the U.S. punishing students for off-campus behavior, and sundry justifications that seem to be accepted for doing so.
I'm saying that's generally unacceptable. I can think of a few exceptions, such as online bullying where the off-campus behavior directly produces on-campus behavior, but the school's jurisdiction should generally be limited to the campus and school-sponsored activities.