You can invest your money in a popular stock and lose your money.
Not that nobody knew who the owners/management of Enron, Xerox, Worldcom were.
At the same time world's largest companies like Amazon, eBay, Boeing and most likely your own bank institution are all listing their corporate legal entities as owners, not any individuals in particular (which to me is the same as having private information in the first place). But it doesn't stop you from shopping, banking or flying, is it? Hell, ANYONE can put FALSE information into the whois tomorrow, be it Tiffany or The Easyhost Media Group. Who will stop them?
It comes down to personal choice. If you refuse to purchase any services/products solely on private whois - that's your choice. But do not convey the message that private whois equal scam, or even anywhere remotely to scam. If a person is dumb enough to purchase from a fake retailer, that's their own fault, not of the retailer.