I wouldn't buy my own iPad for company usage either, but for different reasons. If a company wants to reap the savings possible with an EFB they better fork out for it as well.
However, there is nothing wrong with private use of a company provided EFB approved iPad, provided enough space is left for the EFB apps and only the approved OS version is used. We have a set up like that, company provides iPad Airs and we can install privately used stuff on it. In that case two different itunes IDs are used on that device, the company one for company use and your private one for your own apps. Personally i don't mix business and pleasure, so i still have my own iPad (mini) and use the company iPad only for company use, but i'm in a tiny minority there.