I will admit that Region locking their systems is total bullshit! Do they make any's less money if someone imports a game? Pirates will find a way. Annoying your bread and butter is a Cardinal sin.
The local retailers lose out on sales and jobs are lost. Until game prices become comparible in all regios of the globe I think region locking will exist. I Know for example here in Austrai DVD players must be region free or allow a function to be. However BluRay players atm are locked. I complained about it to our consumers office and they basically told me the answer I jsut wrote.
However I kind of agree with you. So perhaps games that are not released in multi regions can be region free. That way genuine buyers who want a Japanese game, as opposed to cheap game will be able to import and play. This way local retail industry is still protected.