The assignment from which I learned the most and which I had the most fun on was totally open ended other than some general methods.
Plenty of smart people follow the rules on principle and plenty of rule-breakers are dumb. Notably, many students who cheat has to cheat, because they are unable to learn underlying material.
There's various ways to go about morals in general but "following the rules" in itself is not a good basis for morality.
Actually, there never was a time where I felt that cheating was worth it. On the contrary, the amount of time I'd need to prepare a strategy (compile cheat sheet, figure out how to use it, where to sit, etc.) probably exceeded the time I'd take to just study for the exam!
I agree, always following the rules isn't beneficial to society, but I'd argue it's better than the case where no one is following the rules.
And note that I was talking about a cheat sheet to be used for cheating.