On a moral level, how does this differ from companies spinning up LLCs to gain advantage in deals being made? Consider Disney doing it so that they could buy land without people realizing who the buyer was.
LLCs are traceable by ownership. In most cases it's an obfuscation, not straight up fraud. The man on the street isn't doing M&A work so they're not going to chase down the history and pedigree of each brand.