How many of those account hadn't been created if it cost $99 to make one?
At that point, it only hurts legitimate indy devs who aren't gaming the system.
Well, it would also be hurting all the unprofitable spammers and the spammers who aren’t willing to gamble with $100 to begin with. Like everything, there are just trade offs rather than good vs bad extremes.
This of course assumes they aren't just stealing credit card numbers and using those to sign up. In that case the higher account price is not much of a barrier.
Another way to look at this is Google made $2.4M off of these spammer accounts. Not a lot for a Google sized company, but it's still not nothing.
Google is a one time payment.