It also reminds society that a great number of us still value honesty and integrity, and believe that hard work should be rewarded justly. Too many people today say/do something bad and think a "heartfelt" apology will wash it all away.
I'm not in favor of mass internet shaming for kicks. But in cases like this where it's clear it was premeditated and the individual tried to scam their way out of trouble, and there was financial/other gain involved that robbed a more deserving recipient, I'm not bothered.