
Having the option is valuable, even if not exercised
The idea is to avoid having to face hardware competition. When potential competitors know that Apple has an advantage like that, it subtly encourages them to go into a different line of business. Which means that even if Apple never exercises the option, they may have gained value from having it.
Certainly discouraging hardware cloners has been a past priority at Apple for decades.
That said, I strongly suspect that your analysis (based on a far better understanding of the history than most of us possess) is correct.
Cheers,
Ben
"Career politicians are inherently untrustworthy; if it spends its life buzzing around the outhouse, it\ufffds probably a fly."
- [link|http://www.nationalinterest.org/issues/58/Mead.html|Walter Mead]