IIRC Borderlands 3 scales the value of loot to the game’s difficulty setting, with some mechanics aimed at encouraging players to join online coops at high difficulties in order to earn more valuable loot. I imagine cheats undermine that intent, and I also imagine borderlands 4 might be aiming at a pay to play scheme.
I’m guessing this EULA is being used for all their IP with the intent of taking advantage of it in the future.