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Further points for discussion:
If someone puts a Zipp sticker on carbon wheels that they've already bought, does it harm Zipp in any way?
Is a homage which uses the design of an iconic watch but a different brand IP theft also?
If someone would/could never buy a Rolex, but buys a replica, is that more or less damaging than the above?
Fakes are fakes. I think there are a lot of ways to try and justify it being ok, but it still comes down to that. It's stealing IP, and that ain't cool. Would you ride a frame painted up as a colnago? Or wheels stickered up like zipps?