In the computer-scarce past, the institution purchased and owned the computer. The institution managed the computer and the institution controlled what happened on that computer.
In the computer-rich present and the even-richer future, I think that Apple’s looking towards a different model. The user of the device “owns” it. Whether they really purchase it themselves is somewhat beside the point. The idea is that the person who spends their days working with that device has control of it, and the institution can overlay certain policies on top to meet their requirements.
An interesting inversion of the way things often work now.