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@WilliamJohn
As far as I see it, as long as the bikes that the company's making aren't utterly shite bikes that are dangerous and disintegrate in such a way to cost money in the long run. (As a mechanic who deals mainly with TESCO fucking bikes I've gained a reasonably low regard for a company that sells a bike that is designed to explode)
Then what's the harm? It's another option in the bike market and it's up to the consumer to choose the best bike for them. They're well within their rights to market a range of bikes, so long as they're not deliberately misleading people or making something of vastly inferior quality.
Insofar as Hoy's involvement, I'm not about to think anything less of him for effectively endorsing a range of bikes. If he'd gone out and been the poster boy for something like coke or McDonalds (Whole Olympic thing excluded) then I'd be inclined to think something less of him due to the whole contradictory images/ideals.
However, a cyclist endorsing a bike range, something they could genuinely know slightly more than the average person or actually believe in, unless they're harming the industry, I'm not going to slate them for it.