Yes, morally and ethically, the ends don't justify the means.
HOWEVER, the mods were manipulating votes to bring high profile visitors to Reddit, users were happy, Reddit execs (should be) happy that they were getting big time scientists posting, it seems like the only disconnect is how they did it.
This finger wagging is just PR from Steve Huffman. If they really cared, they would have worked with moderators to create the toolsets to bring in more high quality content, and moderators wouldn't have to resort to desperate measures to bring in more eyeballs.
"We're working on it" is a nothing statement. Instead, they're putting resources into a UI refresh that does not have very much support from the community.