The Rolex Panerai watches were never offered for the civilian market, are a long time out of production and are available in extremely low quantities at very high prices. It is not surprising at all that lovers of the Rolex Panerai era try to replicate these and in many cases prefer them to the modern day Richemont replicas.
The people who do this for their own pleasure should not be vilified. Though I see where collectors may be concerned specially with so many "vintage" pieces that seem to be assembled from parts.
With all due respect I just don't buy into the story/myth of the buyer who puts down six figures for a homage watch. I'd worry about that as much as i worry about getting anthrax in my mail.