Apple was profitable before the iOS devices hit and much of that was due to this kind of smart thinking. It reminds me of Nintendo, who, despite not dominating the market, still manages to be quite profitable (especially compared to their competitors) with a very similar strategy.
Letting anybody build any ol' system willy nilly would cannibalize Apple's profits, plus give them quite a bit more work since ensuring drive compatibility with random hardware would become a major priority.
As a user I think it sucks, but I have to respect that as a business strategy.