My frame of reference for this statement was prescription drug patents. Manufacturers can get 18 years of exclusive sales of their product. Whatever one may think of the ethics and behavior of the drug companies, it is a very effective use of patents. Other drug makers can copy what the drug is intended to achieve, but not the drug's exact composition. That seems like a reasonable parallel for how things should work in the smartphone market.
I am not sure that positive expected value was really ever the intent here. From most accounts, Steve Jobs felt personally affronted by the competition, and that is not necessarily a rational place to initiate a major action. I think the best case to make is that it delayed the growth of Android, but even that seems questionable. Android has copied them in virtually every respect, rolled out devices with little encumbrance, and shows no sign of stopping.
There's also the aspect of the patent wars where conflict become self-destructive. For example, a flame war in comments where people get increasingly nasty and lose sight of what they were even talking about. Google bought Motorola for defense, a patent portfolio. Counter suits are now possible.
Dissipating the focus of an organization's executives on rent seeking instead of innovation carries its own costs.