Valve's subscriber agreement says that they can close your Steam account (cutting off access to all of your games, even single-player ones) if they catch you cheating in certain multiplayer games.

And apparently the Blu-ray scheme has the ability to stop non-compliant players from playing new movies.

Not for completely disabling hardware, no. The closest would be the risk of bricking your PSP but putting on custom firmware, but generally that was just a software issue or a user screwup, not a systemic attempt by a device manufacturer to screw the customer.

The closest is as you say, Xbox Live cutting you off from service if your console is modded.