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Sure, it might have been fun during the drop, kinda like the thrill that drives people to parachute all the time. The problem is, the speed at which you will impact the water ensures that your chances of surviving are next to nil.
Just because other photographers are doing dumb things, exhibiting bad business practices, doesn't mean you should be doing the same things. Of course, it may be less fun, but you'll be in the profession longer, and over time, reap far more enjoyment during that time than you ever would have exhibiting traits that are detrimental to your future. I know of many people who would gladly sign away the rights to their photos just to hang out in the pit at a rock-and-roll concert for the first three songs. They don't care about the photos, taking them and giving them away was their price of admission, in their minds, and much better than paying for a ticket.
If you're doing stupid things when it comes to business practices, pull the rip cord fast, straighten up and fly right, the salty aroma of the bay means that you, an object in motion, won't remain in motion much longer. Better yet, don't jump in the first place.
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