Apple should have the ability to "shut off" unscrupulous third-party App Stores just as they do today with unscrupulous developers.
Adobe would find it tough going if they withdrew from Apple's App Store, and I can't imagine keeping 30% minus whatever it costs to provide an alternative would be worth it to the, given how many people would just stop using Adobe apps.
Like I said, I'm only now coming around on this, but I think a $2T company with total control of both hardware and software can probably work out a way to support additional stores without requiring a full-time battery-draining malware checker. In fact, I suspect most of us could figure out how to avoid that if we tried, rather than trying the opposite.
Sandboxing and limited APIs already exist, Apple doesn't need to review apps that don't appear in their App Store. As I've said, I suspect a very small percentage of people would be willing to install additional stores, and they can hardly complain if it turns out apps purchased there overshare PII.
There's also the possibility of mobile equivalents to the Adobe CC installer/manager that act as their own "App Store" and aren't subject to any rules at all, which is even worse. After seeing what the likes of Adobe does on desktop PCs, I do not want to see what they do when granted effectively unfettered access to my phone.