I agree it's kinda missing the point, but they're likely focusing on the larger, mainstream, Etsy-style users. People that don't want (or don't know how) to create their own objects, but would like to get something semi-personalized.
And, of course, they can avoid the entire discussion about copyright infringement, or printed guns. It's a safer first step.
[1] http://www.amazon.com/Create-Your-Own-Printed-Mixee/dp/B00KD...
http://www.vulcanmold.com/uploads/image/plastic-injection-mo...
What they're doing isn't custom, and they're not claiming it is. It is 3D printing, and they are (correctly) claiming it is.
Patents are another issue. And trademarks. But you'd even be allowed to "reverse-engineer" eg: a cup (that is, measure it), and print a copy.
This legal "hole" is likely to be plugged through lobbying and new legislation -- to the point where if you have a nice Ikea (or other) closet at home, you won't (technically) be allowed to make one that looks just like it for your other bedroom etc... but so far it is legal.
I'm not sure that's correct. Patents restrict rights by granting exclusivity on making, using, or selling, so reverse engineering a patented cup and printing it is still in violation of the patent.