Their legal basis for this kind of decision is solid. Business wise, it's a terrible idea. The fact that other publishers don't behave this way about their content speaks not of their indifference or aloofness but rather a more nuanced understanding of current market dynamics.
This is one of many fronts where Nintendo is way behind the curve from a managerial standpoint. They're still at the top of their game as content creators, but they seriously need to get with the times in terms of their managerial practices. Their marketing (or lack thereof), brand positioning, third-part relations, SKU inflexibility (MS dropped Kinect; they can't drop the tablet?), reluctance to embrace the visibility granted by popular YouTube personalities, region-locking, simplistic online platform are all just a horrible mess.
I love Nintendo as creators but honestly cringe and feel sorry at their decisions as managers. The non-stop generation over generation reduction in their console sales (excepting the Wii jackpot) is the result of this. Sadly, making the best games isn't enough.
People posting about their right to do this, moral or legal, are missing the point. This isn't about whether they *can* - that much is clear. Whether it's worth the hassle or at all beneficial to them is a different matter entirely. I'd wager a good review or positive play session stream could easily sell a few copies and far outweigh losing a US$9.82 check for ad revenue they're entitled to as copyright holders.
As many other backward decisions, this one is best summed up as "their loss".