The oil and gas industry, and the tobacco industry et al., lobbied (and lobby) for things which they know were (and are) doing harm. This isn't the case here, IMO.
Code is not an asset in all (I would even argue most) cases - proven by companies which open source the vast majority of their code and live from service contracts or certain addons to it, and basically pay developers to commit to open source software.
Often they buy market- or mindshare. There is no way in hell e.g. Akamai wouldn't have been able to bootstrap "Linode 2". I'm unable to see the secret sauce why OpenAI couldn't have created their own VS Code fork instead of buying Windsurf. But why do that if you can acquire their existent customers / market share? Additionally, the term "acquihire" didn't plop into existence with no precedent.
Being able to immediately get a full deductible for salary, which in many (western) countries is the norm for virtually all businesses, does not strike me as particularly immoral. It's a normal office job, developers do not create gold out of thin air.
Big tech isn't even the most affected by this change, they (often) have obscene margins - small software companies do not.