You are allowed to fork open-sourced code. That is fine. The software license allows you to.
So is changing color or making profit. That doesnot make it a scam.
Another question is will they copy Waves new smart-contract or make their own? Once you fork, you are expected to go in your own direction and make things the original didn't do.
There are two parts to it
1. Ideology
2. Source code
It is easy to have a new ideology but needs to be backed with significant  original source code contributions to justify  a fork. Granted the fork is only a few weeks old and takes a bit of time. Curious, how does Turtle Network address this? What original source code projects are in the pipeline?