You leave your phone in a bar. You tell your IT team about it the next day. You're holding out hope that it'll get turned in. Meanwhile, god only knows what's on it and who's got it. Sure, you're fired and all, but meanwhile: you handed a bunch of sensitive data out to the world, and firing you doesn't solve that problem.
Should you be told that this is the policy? Of course. But what's the rest of the complaint here?
I don't have a problem with them wiping my phone if I leave it in a bar, that's what the feature is for.
I have a problem with them, having on their screen a message saying "User X connected an unapproved device to Exchange", choosing to clicking "wipe", knowing they might destroy my personal stuff, instead of writing an e-mail telling me to get off the Exchange within 24 hours, and don't ever do it again, or face a remote wipe.
Should you be told that this is the policy? Of course. But what's the rest of the complaint here?