You're hyperventilating. Nobody has ever suggested that the RIAA or EA be able to wipe your phone. But plenty of companies have a policy that says that if you want to sync your phone with their corporate mail system, they need to be able to nuke your phone from orbit if something goes wrong.

When you find the example of the company that requires you to purchase a personal phone and sync it with their corporate mail server, you be sure and let us know. Until then, by all means, scream from the rooftops that this feature exists... but don't pretend there's no valid reason for it.