I don't want to belabor this point, but their warranty says nothing about the owner's life. This is standard wording for warranties; unless explicitly stated, "for the life of the [original] owner," it refers to the product. Their wear-and-tear clause makes this clear. It is coincidental that most [large] manufacturers find it easier to keep a customer happy than to deny a warranty claim under threat of badmouthing.

Note that I don't work for Specialized, but this not common just to the bike industry. In fact, with the notable exception of automobiles, most expensive items follow this pattern.