So e.g.: Apple CoreML issues a Public Key, the model is encrypted with that Public Key, and somewhere in a trusted computing environment the model is decrypted using a private key, and then inferred.
They should of course use multiple keypairs etc. but in the end this is just another obstacle in your way. When you own the device, root it or even gain JTAG access to it, you can access and control everything.
And matrix-multiplication is a computationally expensive process, in which I guess they won't add some sort of encryption technique for each and every cycle.