Maybe y-combinator doesn't care but I think I would!
You could equally have registered hakernews.com and CNAME'd it
And yes I could easily create a CNAME record to do the same thing but you have to have a reasonable amount of knowledge to do so. Unlike this tool.
(When dealing with SSL, then things are different, because you can't authenticate the connection until you get the cert, you can't send data until the connection is authenticated, and the server can't give you the right cert until it gets the Host. Fundamental conflict, leading to one-IP-per-domain-name, or a pricey wildcard certificate. So in that case, the server doesn't care much about Host anymore, but you are still protected because the domain name that the browser sees has to match the one in the cert, or the browser gives you the OH NOES dialog. But I digress.)
http://en.wikipedia.org/wiki/Virtual_hosting#Name-based
Remember, TCP/IP doesn't specify Hostname, messages are only routed by IP.
HTTP 1.1 specifies the Host Header specifically to enable features like name based virtual hosting.
It's kind of like reverse domain hijacking.
See, http://hackernews.ipq.co/
Am I missing something?