It's been done before. AT&T was broken up in the 1980's and Microsoft was forced to unbundle it's software.
I don't know, I think of big tech employees as the least coerced of all wage classes, I mean, the big tech companies are all terrified people who have knowledge in scarce knowledge areas such as distributed computing or machine learning will leave them more than anything. This leads to great salaries, huge stock grants, amenities like free food/yoga classes and etc. and a lot of those employees will have options to start their own company, freelance at really high rates etc., so the culture tends towards individual autonomy to offer employees the best of both worlds (stable pay and freedom). Out of every corporate culture, big tech is probably the least autocratic. (anecdotal take from my experience, I work for a tech company that is quite well privately financed, though not on public markets yet, so not quite big tech--though several friends work for the standard Facebook/Google/Microsoft giants and have similar feelings). The better argument, I think, is that big tech left to its own devices is blocking new entrants by taking product categories (such as mapping or document sync) and making them loss leaders for eyeballs and attention to their main product line, which often involves holding large reams of connected data points on all of us.
I'll say it again, Obama says it best when he says nothing at all. The less he talks, the better he does. It baffles me on some of the subjects he chooses to weigh in.
The fear is that the government demands all safe deposit boxes to be made of transparent glass. you don't know who else has access to the bank vault but it's there for anyone to see once you get inside or know what you're doing. There are around 50k government officials and contractors with clearance to eavesdropped and wire tapped information flowing on the net and telecoms. That's all without a warrant. Your scenario implies this would happen on a case by case basis. With automation it's more like sifting through millions of cases on a day to day basis.
<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">BREAKING: Govt says it has successfully accessed data stored on San Bernardino suspect's iPhone, no longer requires help from Apple - filing</p>— CNBC Now (@CNBCnow) <a href="https://twitter.com/CNBCnow/status/714569864891858944">March 28, 2016</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>
This illustrates the extreme risk in building in official ways to bypass security on phones. You can barely keep people from breaking in now.
Don't fall for it guys. The story that the FBI couldn't get in is a GIANT LIE. They always could (thanks to the NSA) but wanted to set the precedent legally. They failed but the investigation had to continue so they used the NSA anyway. They'll try legally again which means expect another terror attack soon.
<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">BREAKING: FBI uses mystery method to break into gunman's iPhone without Apple's help, ending court case.</p>— The Associated Press (@AP) <a href="https://twitter.com/AP/status/714570046056570880">March 28, 2016</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>