Right. But I tend to disagree against the premise, though: I generally tend to think that an attacker with hardware access will compromise that hardware sooner or later, and you should design your security measures around that assumption.
The only useful uses I see for this are:
* Giving your HW for somebody else to operate, while hoping that this person won't recover secrets from the inside.
* As a variant, locking customers out from using the HW with software it was not designed for, or extract the SW it came with.
I am most often on the receiving end of the second option, and do not have any sympathy for it. The first issue is a trust issue, and I would avoid those situations anyway. Another option is:
* Protect an unattended device against tampering
Which is a bit saner, but you probably shouldn't leave a sensitive device unattended anyway, as it can always bite you back. What is desperately needed is the hardware equivalent of a software checksum, to verify that the device conforms to specs.