I can't see it as being a 'rip off' at all – because
[list=1][*]it's clearly a business, making money, shock, horror.[/*]
[*]the price is very clearly advertised, and [/*]
[*]to hike the hills and cycle between them is free of charge – they're not offering anything exclusive, so no-one's missing out on anything if they don't do it (unlike the Three Peaks Cyclocross which includes 'permits' to ride on parts of the national park that you can't normally ride on).[/*][/list]
The morality and politics of whether National Parks encourage ort discourage these mass charity events is neither here nor there – they're currently permitted.
"with teams cycling from one to the next using public roads, public footpaths or other rights of way."
that sounds extremely dodgy unless they've got all the landowners permission(s)
It looks fairly clearly to be biking between the hills then hiking on them. The footpaths bit seems to refer to the bits you walk stretches from one to the other 'peak' on.