Former co-founder & CEO of Dropcam (Nest cam) here.
There's no way to say this humbly, but imo stuff like this is the reason that companies lose their way when they lose an empowered "buck stops here" product-oriented CEO with enough engineering chops to modulate product decisions.
I had an endless to-do list of improvements, including security enhancements like the one you suggest (but done in a way that would not impair usability, like anything with QR codes :-)).
The problem is, a string of well-meaning but amazingly risk-averse managers came in and killed the soul of the company by introducing enough bureaucracy that the team and I no longer cared to bang our heads against brick walls anymore.
If the leadership doesn't a) understand product, b) understand business, c) know/respect good engineering, or d) have "fuck you, we're doing this" authority ... it will fail in spectacular ways through a series of seemingly good short-term decisions, it's just a matter of time.
Combine product, business, engineering, and authority to lead, sprinkle in some ethics and respect for your customers/employees, and baby you've got a stew going.
This whole privacy mess in home & so-called "IoT" is a result of people who don't even know what would be required to operate ethically with such powerful technology in the first place. I believe they are mostly good people, they just don't have the mindset or philosophy to know what to do. It kinda makes me misty-eyed. They know where to find me if it sounds like some of this could help... I'd be happy to try and get the band back together again.