The way it most likely works is there is a Falcon microprocessor with a cryptographic coprocessor built into everything post-Maxwell. Nvidia burns in keys during manufacture that the cryptographic coprocessor will use to calculate a signature of the firmware loaded in by the driver against. Since Nvidia/the manufacturer have that key, they can sign firmware that can access the most important, impactful API calls on the card. Likely, the hashrate limiter was intended to be implemented in the firmware.
This is the same thing that has thwarted Nouveau all these years, and if you don't screw up your driver releaselike they did, it is quite effective. You could write your own firmware and load it onto the card, but you can't access the Hi-Security API's like power management, reclocking.
There's no network connection, so if the OEM's key was ever leaked, there's nothing they could do prevent anyone from writing whatever firmware they wished. Just as they can't take back the driver they done goofed releasing.