So technically they could restrict every device then even if you bought it.

This seems like it would be a sizable target for ransomware. Why include an encryption program if you can have the OS do it?

All the ransomware needs to do is make iOS think it's a payment provider.

The article is a week old. Apple has since announced a leasing program and told The Verge the restricted mode isn't for it. They didn't say what it is for though.

They are probably expecting a recession and people to mess up their credit but keep the phone.

I'm assuming American carriers demanded feature parity with Android where they install system apps that do exactly this.

Doubt it would fly in the US.

Illegal here.

Duress profile code?