Yeah I'm not seeing any ethical issue with what Honey did/does. They reduced transaction costs (part of what went to middlemen now goes to the buyer) and helped block some level of surveillance. Sounds good to me. Far more ethical than the people running the tracking/ad programs in the first place.
So when a review channel goes and does lengthy and honest reviews of multiple brands of hardware, a consumer uses this resources to figure out what exactly they want to buy, clicks on the reviewers affiliate link to purchase, oh, thank goodness Honey is there to make sure the customer gets back 89 cents while it keeps the entire commission.
That is absolutely not ethical. And if it is legal, it shouldn't be.