Even if AMD blocks voltage control as long as they retain dual-BIOS switches, it doesn't matter. The modding community will just release voltage modded BIOSes and you'll be able to flash your card safely with them. Neither NV nor AMD ever clamped voltage control like this before. It's doubtful that RMA and warranty costs are the main reasons, but there weren't for 10 years when NV and ATI/AMD allowed voltage control? Also, why would RMA not be an issue for CPU? This sounds more complicated than that. If we look at GTX660Ti/670/680, if you had voltage control on the 660Ti and could raise it to 1.3V, maybe it's possible it would hit 1400mhz on air. All of a sudden the entire GTX670/680 lineup is in question. I am sure NV likes collecting those $100 premiums between these 3 tightly squeezed cards. It was much easier to differentiate GTX570 since it has 1.28GB of VRAM. The 670 vs. 680 are much slower in performance than 570 was to the 580. NV could have clamped voltage control to not have a situation where AIBs would release way faster GTX670 cards than 680 cards.
There could be another reason: Kepler's sophisticated GPU Boost + dynamic voltage adjustment to support it makes overclocking a lot more complicated and dangerous. Yet another reason is that Kepler feels much like IVB - a part made to make $, with cost savings around the edges. It doesn't seem at all like NV built high quality reference cards this round, definitely nowhere near the quality of 470/480s. I mean the GTX660Ti/670 reference cards look like $150 GPUs at best. Flacky PCB/VRMs and terrible fans. Sounds like budget cost cutting. Perhaps because NV made such simple PCB/power circuitry design that they would fear large RMA/warranty costs if they allowed voltage control on the entire line because this round they put together the bare minimum in terms of components.
AMD's current GPU boost implementation is a lot simpler. The GPU just cranks voltage to the max, the clocks to the max. This is why AMD doesn't have to worry about the complexity of dynamic GPU voltage. If AMD makes a more sophisticated version of GPU boost that involved dynamic voltages, they could also follow suit. However, considering AMD was the one who brought dual-BIOS switches, and has Black Series AMD CPUs, I expect them to retain manual voltage control support simply because it would be a key competitive advantage. The fact that they brought in dual-BIOS switches shows they are letting the users have a free reign at will with BIOS flashing, overclocking, etc.
I still think the main reasons are the dynamic GPU Boost / voltage regulation on Kepler and the tightly integration of GK104 product stack with all having 2GB of VRAM. NV probably saw how AMD flopped by launching HD6950 that unlocked and lost a ton of sales of the HD6970. Clamping down overclocking ensures people still pay the premium for the 680.