Regardless of ethics, it inevitable. It's just simple game theory.

Of course it would be better if no one did that (cooperation). That way we would smoothly transition into bitcoin system without people getting massively rekt.

But if someone defects and does that, others will get taken advantage one. So the only counter play is to defect yourself and also borrow fiat to get bitcoin.

Also this game was played for decades by rich with other hard assets already.