So businesses don't have any ethical obligations then? Cool.
One of the major misunderstandings about the Play Store is that there "are no rules" in comparison to Apple's App Store. That's not the case. Apple filters up front, Google deals with terms & conditions violations after you are already published.
Now, I think the negative here is that he conflated his personal accounts with his publishing accounts. I generally recommend against that, even if you are a hobbyist developer.
But Google is ethically obligated not to punish the guy by closing associated services (GWallet). It is also ethically bound to treat the customer as good-intentioned, and bound to explain the basis for suspension.
Google failed on both counts.
In business, many (if not most) participants will seek to maximize thier advantage within the rules; if you don't establish rules (via contract or something else) or understand and follow the existing ones, it's quite disingenuous to complain that you are at a disadvantage.
I don't like that fact, but (cultural sea-change aside) that's one of the costs of doing business, whether it's on a small scale or a large one.
But we can acknowledge that even as we work to change the status quo. So perhaps there is hope yet.
The onus is on you, the person using the service, to understand what terms and conditions you have agreed to abide by when using that service. If Google fail to uphold their end of the agreement and you lose revenue, you can seek remedy through legal means (although, obviously, that's a pretty crap position to be in); if the agreement doesn't protect you from arbitrary banishment from the service for life, then that is important to know up front.
It would be awesome if Google's support was better; it would be awesome if they were more responsive to the people that make their money through the marketplace they've set up; but ultimately they have no legal obligation to be any of those things, and in business your legal obligations are your only obligations. (I am making no qualitative defense of that fact, merely describing its existence.)
If one doesn't keep those things in mind, then regardless of how irresponsible Google is or isn't, that failure constitutes a kind of irresponsibility all its own.
Whether I personally would never fall afoul of something like this (possible, since I'm a programmer, not a lawyer) is secondary to the best way of dealing with a much larger company that holds all of the cards (follow the terms and conditions; heed the multiple warnings they give you). My personal discomfort at Google acting like jerks is, too (insofar as I don't currently rely on them for any kind of revenue).