I suspect, though, that there is concern about titles that, while they haven't been brought over to the US yet, will be in the near future.
For instance, just to pick a title at random, if someone used a mod-chip to play the Japanese version of Disgaea, they might not have purchased the eventual localized NA release. I don't know that this would directly affect the console manufacturers so much (they still get their licensing money), but it would have an impact on on the companies releasing localized games (in this case, Atlus). If enough people used a mod-chip to play an out of region version of a game in one of the less popular genres, then it might discourage the localization of that game. And that would affect the console makers' bottom line.
Despite the above comments, I don't personally have a problem with people using the mod-chips to play games that aren't available in your own region. I'm merely putting together an argument as to why the console manufacturers might care. And I'm not aware of any games released to date where the playing of such games has actually discouraged a localized version of a game.
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