What Apple is doing isn't different from what manufacturers have been doing for centuries. Expensive repairs and parts have always been a way to earn more money at the expense of the consumer. I'm not saying their behavior is acceptable, just that it's very unlikely that laws are a solution to this problem.
I think the issue is that faulty hardware isn’t actually that common. I have more than 20 Apple devices in my family circle without any issue. But if there were to e failure it would going to be costly and strenuous to repair. So I don’t think customer choice will solve this issue. We need lawmakers to protect the few unlucky ones from these customer hostile practices.