In this analogy, Wal-Mart isn't happily selling other harmful chemicals for a 30% cut, so I don't think your metaphor matches up with reality. I don't trust Wal-Mart to make my decisions for me in the first place, this scenario would be entirely circumvented if the government just had a list of all the chemicals you're not allowed to sell. Why do we need to let private corporations be the authority on which chemicals are harmful to sell and which are not?

But of course, Apple will fight to the death avoiding regulation. US authorities don't seem to care, but the EU is getting pretty pissed off.