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Your points are valid but mod-chips and the HD-Loader are two completely different things when it comes to ease of installation, cost and accessability.
Sony also has the developers interests to protect and as much as you might consider Sony greedy pigs, they can't have every other PS2 owner just renting games and stealing them using a simple HDD Loader to do it. Sony needed to squash this commercial effort before it even reached the outermost ears of the mainstream in my opinion and I'm glad they succeeded.
However I am also glad that the HDD Loader exists, I just don't think it belongs in the hands of the general public. Maybe I'm just nuts.
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