> this sort of thing shouldn’t be possible any more than a bank deciding to take all your money with no recourse. (They can close your account, but they can’t keep your money.)

To me this is the biggest problem. Just like a bank can decide to close your account at any time, it's reasonable that Apple (or any business) could do the same. But they can't keep your stuff.

You can say "don't be naive and assume your cloud data is safe", but in today's world that's like saying "don't keep your money in a bank". The reason I pay for iCloud storage is because it's supposed to be safe (safer than my local HDD going bust or getting lost).