Oh please, that's the same argument of, "It's not a bong, it's a tobacco pipe." Yeah, they might call it that to circumvent the law, but everyone knows damn well that 99% of users aren't using it for that.
They're profiting off selling a tool that breaks encryption and bypasses copyright protections. The profit is the issue here.
While I support their efforts, I can also realize that Nintendo absolutely has a right to try to stop them, and it's not unethical for them to do so.