The market will correct itself. Less people will buy used games, so used games will be cheaper. You will end up paying the same amount you are now, just split between two different companies. The games belong to EA, so they can do whatever they want with them. The only power we have is the decision to buy them or not. Saying a company doesn't need more money doesn't make sense because more money means more games we get to play. My only question is how this affects renting games.
About the HP analogy: If you had to connect to HP's private network to access the internet, they would charge you or at least blast you with ads.