That's no longer the problem. IoT manufacturers now worry about security, because they want exclusive ownership of your data and nobody turning their fridge cam

That's no longer the problem. IoT manufacturers now worry about security, because they want exclusive ownership of your data and nobody turning their fridge cameras to a massive botnet (and PR hit). Encrypting all their traffic with device-specific and difficult to recover, hardware-based keys, will help them keep their devices safe. It's not a bad thing actually.