If you can hack the OS you can use it to store answers, notes or similar aids in cheating for an exam. If the platform isn't locked down they'll lose their exam board approval which would have a big impact on that models sales.
http://education.ti.com/educationportal/sites/US/productCate...
http://education.ti.com/educationportal/sites/US/productDeta...
Notice on the page it also says - "Count on TI calculators at exam time. You can use this TI graphing calculator on the PSAT, SAT, and ACT college entrance exams, IB, and AP tests."
2008-09 list of approved calculators:
http://www.collegeboard.com/student/testing/ap/calculus_ab/c...
Now imagine a homebrew OS where you hit the "press-to-test" keys, and the light blinks, but all the calculator's functionality is still there. If this became prevalent, then schools could outright ban the calculators on tests, so students would be less likely to buy them. Lost sales from this would dwarf any pickup from home hobbyists.
There might be a larger monetary value associated with the actual OS code, than with the hardware design itself.
As I said though, I'm not sure about the details here; you'd of course expect the CPU on the calculator to be able to access the ROM code in order to run it, but perhaps it's somehow obfuscated when that happens.
Even if they are somehow relying on this key to prevent cloning, are they seriously under the impression that a 512-bit key is sufficient to keep a bunch of guys in Shenzhen from making a firmware-compatible device? Any effort to clone has long since come to fruition, and it's extremely likely they know this.
My guess: lawyers justifying their existence by picking fights with people they expect can't fight back. I'm glad the EFF has stepped in.