I’m in the same boat - bought a Nuendo Live 1 license only to find out AFTER opening it that it is a pre-registered bundle version.
The outside of the sleeve has absolutely NO information about being a bundle product with special lack of rights. So there does not seem to be a way to tell from the outside if you are getting a “retail” version or a “supposed to be in a bundle version”. That is problematic in EU regarding product labeling.
So if Steinberg wants to stay clear of “issues” - the box should be labeled Not For Resale - Bundle Version with no rights… (or something like it)
The inside of the sleeve actually says “Please register Nuendo Live. Once you have done so, you are entitled to many benefits such as full Steinberg support and products updates” (The sleeve does NOT say “Pre-registered product”)
That combined with the message on the Nuendo Live product description saying you get “grace update” - is a little bit of a “legal” bind.
I know it is up to Steinberg to handle and we live on their mercy - but legally in the EU there is very little wiggle-room.
But I’m not in it for a fight but hope Steinberg will be nice and throw a grace update my way as well. 
I could even live with Live 1 - if it would just install. But it wont even install on my Mac… 