You could conceivably have a basis for a lawsuit against them if you do not agree to the binding arbitration for their disabling of the hardware that you had purchased from them.
However, do not forget that binding arbitration is still a legal process and does require them to treat it with the same gravity as a court trial would otherwise require, so even if you have agreed to The binding arbitration limitation, should something go awry you still have grounds and a space to take them to court, and in many cases, binding arbitration is much faster and more convenient for all parties than using the court system.