I don't think this is neither illegal or even immoral. When the whole livelihood of your lives work depends on you doing wash trading so your volume look high that is still quite acceptable, add the fact that others do it too and you got yourself a no brainer.
Are you trolling? Good one if you are, otherwise you are not making any sense. Here's why: it's fraud. Wash Trading is fraud. Anyone who has a livelihood dependent upon such activity is a fraud too.
There's a third possible explanation: some libertarians question the whole concept of fraud,