Maybe not. But that's not reality, is it?
If cars didn't exist, I probably wouldn't learn how to drive, either.
There are some instances where cloaking is absolutely necessary. I'm talking about doing it for sites where the technology (generally CMS) that they've used is so far screwed up that they can't get anything but the homepage in the index. What's the downside to cloaking there? What is there to lose? Nothing.
Besides, as far as your competitors that might be cloaking to "hide their code", for the good ones, you'll probably never figure out that they are cloaking.
Not true. There's a few well-known search engine marketers that swear by cloaking.