It's always about the money. In this case, it's not Apple being greedy but maybe RIAA or carrier licensing agreements.Yeah. That's one thing that people who switched from Android complain about a lot. "What do you mean I have to do all this nonsense to set a ringtone?!"
And I completely nod my head in agreement; Apple either didn't realize people wanted this, or had some reason to prevent it.
Now we can finally put this idiocy to bed.
Pre-iPhone feature phones, especially the carrier-locked versions in the US, often lock down setting any arbitrary audio files as ringtones.