I think the real news is that anyone would WANT to rank for seo terms in the first place.
It's the first thing newbies look for when they've been burned by a failed SEO company, or just find about the industry and want to be number 1! ;) Meaning that there is a huge amount of business to be had - anywhere from 6 to 7 figures monthly.
I find the constant banter against ranking for SEO terms quite strange - yeh, it makes you a larger target and puts you directly in the limelight, but if you've nothing to hide then where's the problem?
It's no different than operating a big brand business that is under constantly media scrutiny - deal with it properly and it can be hugely profitable.
The moment you do anything from collecting links to putting a bold tag around your pet keyword you're blacker than coal.
I agree to a certain extent, but I think there is a lot of SEO stuff that SE's would be happy to accept (good highlighting, spiderable pages, etc) and other stuff they never will (spamming). There is a difference - not really the huge ethical issue that some may make it out to be though.
No delusions of what we do for a living though - we are indeed artificially enhancing a websites ranking and Google know it. It's just how far we push the boat out that dictates how well tolerated (in the SERPs) we are.