Like I said, the greatest proof that restaurants don't want their patrons paying for reservations is that they don't do it. They already have what they need: a way of recording reservations and a maitre d' with knowledge of their business and a triple-digit IQ. They know there's demand: many people already try to get a table on a busy night by slipping the maitre d' some cash. If they wanted in on it, they'd already be in on it, and you'd be stuck trying to convince a restaurant to hand over control of a simple, vital, near-zero-cost part of their business to a third party for no gain. I maintain that you could only survive as a parasite by avoiding notice and/or paying off the right people.
Restaurants are in the business of filling their tables by making customers happy -- those customers will return, tell their friends, and the tables stay full. By filling up available spaces (thus resulting in customers being told that a very long wait is to be expected) and providing a paid line-cut (who enjoys being cut in front of while waiting 60 minutes?), you're going to make a lot of the restaurant customers unhappy, both directly and indirectly.
If this was an ethical business, they would have told the restaurant what they were doing and received approval before they decided to lie to the restaurant to achieve their aims.
I'm not so sure that it does. It relies on filling the tables at the restaurants. The restaurants don't care if the people who come to fill your table aren't the same ones that originally booked the reservation. Nor do they care if a certain number of reservations are no-shows, if the number of no-shows is smaller than the number of people waiting at the door.
As I said above, you obviously can't take this all the way to the edge case or you'll have a company that buys up every single reservation, sells none of them, and then cancels them all at the last minute. Then that company will go out of business, either because the restaurant stops them or because the restaurant goes broke, taking the company with it. ;) So, don't do that! Just because your business plan fails on some edge case doesn't mean that it has to fail for you...