Joe, the question is, how are they ripping anyone off.
If I walk in wasted drunk to your pool room and ask you to play for money, and you say yes... Who's ripping who off? Doesn't matter who wins. If you fall in the trap, you are just as guilty. Why would you rip off a drunk guy? Or someone who doesn't play as good? Or whatever... Point being, if you fall in a hustlers trap, you were trying to rip them off as well.
In your scenario no one is getting ripped off because both players are looking to steal from the other one.
But in a situation where someone uses deliberate deception to make it appear to be an even gambling game, as in the other player does not think that he has the nuts or is stealing but instead thinks it's an honest contest of skill on the table then the hustler is stealing without a gun.
How do you feel about a pro-class player who gets into B-class tournaments because they don't know who he is? What if he lies about his name when he signs up for the tournament? I think it's shady and sad when the pro-class player does it to tournaments where all the other players are baby kittens compared to him but he is not specifically barred. But when it's an advertised B-only event then such behavior borders on criminal theft in my book.
I used to go to a bar once in a while for a little Thursday tournament. It was a ONE GAME 8 ball tournament and first prize was $50 and second prize was a case of beer. I liked to go there and hang out and usually ended up with a $30 bar tab, some weeks I won, some weeks people got lucky on me and put me out.
One night I walk in and there is a really really good player there that I know. I see him when I walk in and he sees me but he turns away before I can go say hi. A little later he slides up next to me and says, "in this bar they know me as Slim so keep it that way if you don't mind". I just smiled and said sure.
The point is that hustling at pool is not always about TWO people thinking that they are robbing each other. Sometimes it's literally one or more people acting in concert to rob a mark.
I have seen a few elaborate setups in pool in my time where people went to great lengths to pretend to be someone that they aren't in order to gain the trust of the mark and then they proceeded to bleed him dry little by little, first by beating him on the table and then by getting him to "back" them in "sure thing" games.
That's just plain thievery. Nothing honorable about it. Makes for good stories though.