Essentially wrapping isn’t illegal, if this is done with proprietary information. However, if someone else’s data is wrapped, and the consumer doesn’t know, then there could be an issue.
On occasion, you might see, an entire “geofenced” website, wrapped, so that the visitor has no idea, that they’re actually visiting a competitor’s domain, and not viewing the content that they are aiming at signing up to.
While a controversial topic, when the wrapping is of a smaller scale, and the intangible data is all privately owned, then there isn’t really an ethics issue. The primary rationale behind bringing wrapping up as a topic, is that when there are more than one illegal domain geofenced wrapping issues on a singular entity, the fraud usually takes care of itself and the violation goes away.