I think you are conflating two points here. The SIM only allows the phone to connect o the mobile network. It has nothing at all to do with content on a phone. The SIM does not facilitate the wipe. The MDM does. In order for my phone to access certain company assets (vpn, sharepoint, etc) I have to register the device with the mobile device management (MDM) server. That registers my device identifiers with the organization and installs any necessary profiles.
If I wan to register my iPad (not part of the company phone plan) I can do so. Same MDM and same profiles.
Wiping company assets is as simple as the MDM server sending the wipe commas to my phone / iPad. In our case it only removes company tagged acts (profiles, local data cache, etc). But it could be configured to wipe the entire device. The only way SIM plays any part at all in the wide is for a data connection. And if there is not mobile data then the wipe signal is carried via WiFi when the device next connects.
Disabling the SIM can be done by any authorized user at the company. Suspend SIM and all mobile data / phone access is suspended. You can do it for your own SIM on your personal plan the same way.
As for device flexibility, I don't see your point. Does it matter if I am using an iPhone 6S or an iPhone 13? Does it matter if I have the latest Android handset from Samsung or the crappy bargain bin Samsung that the company would provide? The company can and does set standard (OS level support, valid manufacturer, etc.). That is enforced by the MDM and profiles.
Bring your Own mobile device policies are very common. My company, for example, will provide a phone IF you have your number attached to the company account and you do not want to buy your own phone. But if you do want a better phone than is provided then you are free to register any device that meets the guidelines and policies. And if you don't want to attach your phone number to the company plan that is fine - you can still register your device with MDM and access company data assets, but you are on the hook for paying your own mobile phone bill.