Depends on the vantage point. Have you worked in any regulated industries? I can see iTerm joining internal software ban lists because of its AI integration (even if it's off by default).
Security departments of these corps are constantly pleading with their staff to "please stop sharing corp data with LLMs, you're not allowed to do that", all the while staff feel under pressure to deliver faster, and reaching for whatever tools are available.
The temptation to use it will be irresistible to many, especially juniors/temps competing for limited positions and promotions.
From a regulated corp point of view, why would they risk it, and rely on individual staff conscience, knowledge, and ability to estimate risk? Better to neutralise the risk from the outset by banning use of the software. Plenty of other terminals where this can't be enabled at all by any over-excited staff.