First of all, let's stop calling it hacking..we're confusing people. It's cracking (Thank you medias!)
Second, the law has never stopped the criminals from ever doing any criminal act whether online or offline. Websites, and servers, don't get cracked because they aren't interesting to the attackers and/or a tad bit too secure for the script kiddies out there scanning every possible IP they can put their (virtual) hands on.
And third, I don't believe there is such a thing as an overly paranoid security community, it would be like saying that the CIA is overly-precocious.