I agree, but I also give the company the concession of being able to open-source the product when support ends. If they do that, I'm okay with it. As soon as they're done making whatever money they could from the thing and it becomes a burden to their pocketbook, hand the source code and schematics over to the community and let them take the wheel.
Not sure about others, but I am more likely to respect a company that does that and buy future products from them.
Open source would be ideal but I imagine the reality of NDAs and proprietary bits and other lawyer stuff means most companies won't or can't. Which, fine, but if you cut off services for a cloud encumbered device in a way that will effectively brick it, you should at least be required to push a final update that lets it continue with whatever basic functionality is reasonable. None of this "we reserve the right for this thing to stop working arbitrarily when we feel like it" in the ToS, the maker is legally obligated to make it keep working if you ship a product like this.
It's an unrealistic pipedream, but one can hope.
A lot of "impossible" things become possible when required by law. NDAs and business contracts are the way they are because companies can get away with it, not because no other way is possible.