I'm not sure what you are arguing. People watching doesn't make it any more or less moral, no. People or organizations profiting off the risky behavior of oth

I'm not sure what you are arguing. People watching doesn't make it any more or less moral, no. People or organizations profiting off the risky behavior of others is potentially immoral. IMO a large part of why its either moral or not is in the participant's knowledge of the risk. If the group profiting on the other's risk is actively seeking to hide the risk then it is definitely immoral.