Which? It's still all closed source and tivoized, so you're still taking their word for it. At most they'd have to bullshit together some whitepaper about what they claim to do.
> and there are significant penalties waiting for them if they are lying about protecting privacy
The same "significant" penalties that were applied to Equifax?
> Also you can keep your data local with Apple hardware - it's encrypted and only available to your hardware
Based on... their claims?
As for validating their claims I don't need source code for that. There are enough people (like you, apparently) that have an axe to grind that would be more than happy to point out any malfeasance - for me that's far more valuable than having source code available.
There have been rumors that Apple may release the Apple Watch for Android. I think it would be fascinating if they did so.