Note there is a workaround for this:
1) Create two activation keys Key "A" and Key "B", assign them both to the same lifecycle environment and content view
2) Assign no subscriptions to Key A
3) Assign a VDC subscription or some other subscription to Key B that provides content. This subscription does not even need to have any free entitlements available
4) Adjust the enabled content on Key B
5) Register a client with --activationkeys=A,B
The guest will use Key A to auto heal itself grabbing the guest subscription and then use Key B to grab the list of enabled repos.
Per 6.3 planning, moving out non acked bugs to the backlog
Created redmine issue http://projects.theforeman.org/issues/16574 from this bug
Upstream bug component is Content Management
Upstream bug component is Activation Keys
Another way to workaround this is to add a sub to the activation key then enable/disable Product Content and then remove the sub from the activation key, this will still mean the options you set under Product Content will still be there you just can't change them unless you have a subscription attached to the activation key.
Workaround in comment 25 seems to work, thank you Sean!
Addressed by Organization Level Content Access
Since the problem described in this bug report should be
resolved in a recent advisory, it has been closed with a
resolution of ERRATA.
For information on the advisory, and where to find the updated
files, follow the link below.
If the solution does not work for you, open a new bug report.