Your morality is subjective and therefore not applicable to a business transaction between to other parties. This is where your thinking fails.
A business transaction is an exchange of money for something of value. The "value" is only determined by the buyer (where the price is non-negotiable). If the buyer considers the product valuable, then the transaction is legitimate. This is why it's legal to sell $100 track pants and call them "yoga wear". The buyer is in agreement that the track pants are worth $100.
You seem to think that there is an ultimate morality that can govern the perception of value, which there is not. Your bargain is easily my rip-off. It's fundamental market theory.
The only time you can call a business transaction a "scam" is when the value delivered is not what was agreed to prior to the event. So, if I tell you I will fix your roof for $50,000, and after I do this it leaks like a sieve, you have a case that I wasn't honest in living up to my end of the bargain, or have not fully lived up to my previous agreement.
If I promise to sell you mythical cherries that make every woman you meet fall in love with you, and you, in sound mind, believe that these cherries work as advertised I am not a scammer.
The ability to exploit ignorance of all shapes and sizes is a fundamental concept of the operation of a free market. I know that this can sound disturbing, but it is true. If I can't benefit from your lack of something, I can never create value for anyone.
When pg says "create something of value" he is really saying "create something somebody values". His clearer definition of the statement is only a caveat - that is, if you think something is valuable, chances are a lot of other people do to. That doesn't mean however that there are a lot of people out there that perceive value in things that you do not.
