Bug hunting is standard in this day and age, why would it be a wall of shame? It serves to protect users, developers, and the company from potentially harmful exploits/hacking/piracy.
To be frank, to me it looks like Nintendo just tossed up its hands on preventing initial hacking (they've never been good at it) and planned long-term working against it by getting help from the community for a monetary compensation. Explains their shift to eFuse protection as well, its an upfront deterrent and also long-term kill switch.