Under the U.S. copyright laws, reverse engineering software or hardware you legitimately obtained is perfectly legal, UNLESS the software EULA says "no RE", which is legally enforceable and overrides your fair-use rights, as the courts has repeatedly ruled.
Then what prevents a hardware vendor or a chipmaker from doing the same thing? Why hasn't every chipmaker started to sell chips with EULA attached at this point? "Take a photo and we'll sue you out of existence..."