Completely agree with that.
I'm assuming the answer to the question is they probably thought they could get away with the loopholes, expensive lawyers, etc, if any charges were ever forthcoming.
And, so far, they have. And probably will continue to do so - really can't see a scenario where City are demoted divisions, have titles stripped, etc. At most, I'm expecting a (pretty meaningless) fine and, possibly, a transfer embargo for some windows.
Like you say though, doing it slower and within the rules should have been the way to go. Guess they were just impatient for success and felt they could fend off any charges (which, as mentioned, had so far pretty much been the case).