I think a lot of how you look at this subject depends on your expectations from bass fishing. You've got guys that do it for fun/relaxation, tournament guys, big fish guys, etc....
I really think the guys who are fishing for ONE fish hold honest, exact weights in a higher regard. It's part of the game and a big part of the mystique of that ONE fish. While someone claiming their fish is at a higher weight than it actually is doesn't directly effect me, it does show a difference in perception. My opinion is you should be happy with what you catch without having to falsely bump up the weight. If you are not catching the fish that you want to catch, change where you fish or how you fish.
What is the purpose of embellishing a weight? To gain acceptance and recognition from peers who are catching larger fish? Those peers are the ones who see through the BS and call out false claims, pretty much killing any credibility you hoped to create. In all honesty, if someone didnt care about what others thought about their fish they wouldn't feel the need to lie about weights.
In the end, I'll keep doing what I do and others will do what they do. The people I respect and associate with know I put up honest, accurate weights. My credibility is important to me and, in my opinion, that is the way to keep it.
Just because our opinions don't line up doesn't make anyone wrong.....except the guy lying about his fish weights.