Putting it behind a signup page with terms that don't allow sharing is not "making it public".
And while in the US that may "just" be treated as unauthorized access, in the EU, if you make the data public it's also a violation of the Data Protection Directive, putting you at risk of prosecution in every EU country from which you have included data.
You may be right from a risk minimisation perspective. But for a lot of data the risk in the case of exposure is low enough that it is a totally valid risk management strategy to assume that legal protections will be a sufficient deterrent to prevent enough of the most blatant abuses.