I understand what you're saying, but what the iPhone really excludes is unapproved malware.
Which has always seemed like an elephant in the room for Apple, legally speaking. By aggressively vetting applications, aren't they warranting to their end users that the applications are free from harmful or illegal side effects? What stops me from writing an app that only turns into malware after a certain date, for instance?
I think that's a pretty unproven assertion. There's no evidence that Apple's review process is anywhere near comprehensive enough to detect zero day malware.
I do feel that Apple should weaken its requirements and only disallow bad apps.