I thought Dell would be sneaky SOBs and have some part of the OS tied to hardware like a TPM module or something.
why is that Dell be sneaking?
It's what many of them OEM manufactures do - they put a code into the bios which make it much easier to deal with than having to worry about product keys and product activation.
After its a licence condition from Microsoft that the version is only supposed to go the computer its sold with and they are simply implementing a mechanism to ensure they don't loose access to the Microsoft products by breaching their license conditions.
Secondly given a TPM is extra cost and generally only used in business environments and would require extra configuration (for example they have to be activated in the BIOS) it doesn't make sense to use it to store information that would lock and OEM copy of Windows to a computer when mass producing them and dumping install images on to them