Not necessarily; the argument is that it's indistinguishable from a malicious MiTM. I think this is a great and legitimate use, but it's also probably something that website providers should be able to make themselves resilient against (or, at the least, be able to audit when it happens).
I think there's a reasonable argument to be made that it's in the website's (and my!) interests to be able to detect and prevent these kinds of man-in-the-middling.
It doesn't matter if it's in the websites interests. The client computer does not belong to them, and it's definitely not in the owner's interests to let others "audit" them just like it's not in web hosts interests to let us "audit" their nginx configs.
When I say "audit," I mean in the sense that existing ecosystems like CT already provide automatic auditability of certificate issuance. We're not talking about a private company sleuthing through your computer; we're talking about a way to enforce the stated security model that most users expect when a connection is described as "encrypted."
So there is that issue....I guess one way to mitigate it would be to run the sidecar out of the network, or at least have a clean DNS config and not have my custom CA in the root store...i.e. you'd want to be double sure you're going to the real thing and only accepting trusted certs signed by a trusted root.
I understand why both HPKP and Expect-CT have been obsoleted, but it's a bummer that we still don't have a good enforcement mechanism for CA/cert pinning for a particular site. CT itself does a reasonable job of mitigating the "globally visible mis-issuring CA" problem, but does nothing to help users whose certificate stores contain all kinds of mystery enterprise or application-installed CAs.