Let us stipulate that child porn is wrong.No. It doesn't work this way. It's scanning for known child sexual abuse images using hashes to identify those photos. It's not going to flag your personal photo.
It remains that a private corporation is now doing something, at scale, that would require a warrant if done by law enforcement. This is unacceptable, full stop. This is vulnerable to mission creep of unbelievably dystopian proportions.
And if Apple's competitors are also doing it, the only difference is that they will monetize it better than Apple.