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.
So businesses don't have any ethical obligations then? Cool.