I'm usually a fan of Hanlon's razor, but I don't think it cuts cleanly when there are well-known and clearly visible incentive structures that strongly promote hustling. Attributing malice here seems closer to saying "water flows downhill" instead of "water flows randomly, and it so happened it randomly picked this direction".

EDIT: I also don't buy the dominance of stupidity for another reason: if you're being stupid, you'll make mistakes. But you can't obfuscate and bullshit without intent to do so.