I don’t see how this differs much from a common “clean room” reverse engineering strategy where one set of engineers accepts the eula and then writes down in excruciating detail exactly how the target item works, then a second set of engineers that have never seen the item in question (or accepted a eula) takes these detailed writings and uses them to reverse engineer the item in question. (A mere description of a device or software is not protected)

This is standard practice at large companies when reverse engineering chips, devices and software and seems very similar to the above eula argument.