IMO, the conspiracy theorists that believe "the ability to access free content over the air, like music on FM radio stations...is a key reason why Apple hasn't enabled the functionality" are wrong. The are various apps (some free with ads) that will stream any of thousands of radio stations. So it's not the access to free content that's influencing the decision.
I seem to recall in a prior mention of the topic something to the effect that the antenna systems were not specifically designed to include support for FM radio, and that reception would probably often fail to meet expectations. Could additional antennas be added? Probably. Do enough people want over-the-air FM enough to pay more, or give up some other functionality for it, or have a clunkier form factor?
That having been said, the minimum useful response would be a reasonably candid explanation of why they haven't already done it.
edit: to further that notion, there used to be an FM plugin for iPods, although ISTR it was only supported on the classic. I think it used its cable as an antenna. As I recall, the reception was ok if the signal was strong, but not all that useful in the boonies or near a power line.