A property right is a "bundle of sticks."[1] It's a bundle of things you're allowed to do with respect to a piece of property. It is wholly legitimate to sell bundles with a subset of all possible sticks. E.g. a railroad might keep the surface rights to some land, but sell the air rights so a building can be built over its tracks.
Apple selling you a locked-down piece of hardware does not undermine your property rights. You get to freely exercise all the rights you purchased. Nothing is forcing you to buy a bundle of sticks that doesn't have the specific sticks you want.
DRM claws back property rights; breaking it is illegal, regardless of whether its protecting something that you would otherwise have the legal right to do.
I call bullshit. Up, down, right, left and center. So much bullshit.
The undermining of private property rights comes to mind.