I can see R* going either way, frankly. The problem with the "balance" issue is that GTAO doesn't offer an advantage that can be bought with money. Sure, you can buy weapons, but you need to be level appropriate. Non-glitchers have more than enough time to save up for weapons as they become available. GTAO isn't like other MMOs. Other MMOs have crafting and a market for goods and services. If you could glitch those games and get tons of gold, you could buy some pretty sweet gear and pay for raid runs to get activity specific items. Sorry, WoW is my only MMO pov.
Also, a glitchers existence requires a predicate, that a glitch exists. R* opted out of open beta and perhaps decided this was the best way to go. Someone who tests a game may not be that good at "gaming" the system, and skilled "glitchers" employed for beta testing may not be so honest about what they find. so why not use "invested" glitchers in a live environment? Then, why punish them? I'm basically making a "white-hat" hacker argument.
On the other side of the coin, those "white-hats" DO get busted and convicted. I don't think any GTAO glitcher can make a "white-hat" argument without being cool with being reset or punished. But this and cash cards are not the real problem. The problem is that non-glitchers need to play missions,races etc... to make money, this in turn populates those instances with players who also need to make money and ensures that you always have someone to play with. In this sense, glitching does create imbalances but the adverse effect is on the quality of gameplay. R* has reason to be concerned and possibly reason to punish.
Two final arguments:
1) Like WoW, in five years GTAO will not have the same player base that it does today, glitchers will get bored and move on the next thing. They may return at a later date with DLC releases, wherein they will find that most players have caught up to them moneywise. Also, there will always be players that need to catch up with other players, the glitchers have at least provided R* the means to test the balance of poor players VS rich players in a shorter timeframe than would have been permitted if R* had to analyze the phenomenon in real-time.
2) GTA made so much money that they can afford to ban outright a few players to make the majority, non-glitchers, happy.
I make no grand pronouncements against glitchers, it's just a game and they're just scrubs.
Don't be a f*ckin' scrub, you goddamned pansies. FTW!