The value proposition for RHEL is ostensibly support (and a "throat to choke", for whatever that's actually worth). Red Hat's gamble is that no "legitimate" Red Hat subscriber would risk their support entitlement (and the ability to contract with Red Hat for support in the future) by exercising their rights under the GPL.
It's a clever hack. It runs counter to ideals of Free software (and I find it personally repugnant) but it's clever.