Valve did this same thing in 2007
with keys to The Orange Box bought from Thailand, which were considerably cheaper. They were very up front about it, they showed the Thai box packaging which clearly stated in English that this was not to be used outside of Thailand, etc.
There was a bit of blowback, and some hemming and hawing like we're seeing here, but ultimately it wasn't a big deal. Whether or not you agree with it, most people knew they were basically cheating by buying a cheap key from a shady foreign website, and they got busted for it (although they weren't out much money because, you know, cheap)
Honestly, when you're buying software you have to agree to the terms or else you don't buy it and you don't get to have it. Yes, if you think this is a dick move from Ubisoft then you're perfectly within your rights to avoid buying their products anymore. But don't think that they're the only ones who do this. Or have the right/ability to do this. And don't think this gives you some sort of right to pirate their games. Or that they had better give you what you want or else you'll pirate their games. You're wrong.