They've got your money, sure, but they've also got your canjones now. You'll think twice about switching to [insert competitor here] if you can't unlock your phone after paying the ETF, effectively making it a brick (or heavy iPod touch).
This is notably opposite to the FCC's requirements disallowing locking of phones using certain LTE bands, such as the Verizon iPhone 5 (which comes factory unlocked with subsidy). It's also interesting that this is happening so shortly after AT&T finally offers to unlock paid-for iPhones, Verizon has to ship theirs unlocked, and Sprint will unlock for overseas use. I have no idea who lobbied for this, then. Perhaps it's to enhance prosecution of those selling stolen phones?
As Issac pointed out, this isn't jailbreaking. There's a DMCA exemption for cell phones (and I believe iPod touches by name). I've read that it's never been legal to jailbreak the iPad (and related, rooting Android tablets) because tablets aren't in the exemption, but raise your hand if that's stopped you.
I think the sensationalism isn't because this is a big issue but because of the realm. The government has decided to tell us what we can and can not do with our fully paid for personal electronics. Nobody makes a fuss when we upgrade a laptop's wireless card to a brand new N card, but switching your phone to a different network is now criminal.
(I'm still not a lawyer. Maybe some day.)