Earlier quoted context omitted.
Not that I think this has actually been applied by anyone in the wild, but it'd be fun to make a site that take advantage of this You can detect developer tools being open in Chrome pretty reliably, so detect dev tools have been open then "clean up your act" before there's a chance to view anything of note
This has absolutely been used "in the wild". One particularly nasty strain of ad-block-evasion scripts would detect the developer tools being opened, and would reload the page and disable most of its features to prevent them from being analyzed.
I mean more specifically taking advantage of the awkward UI to cover up your tracks on local storage, it's something that's just devious enough that if you get caught (which is not difficult) it'll be hard to explain what you were doing, and you'll be trying to explain it to technical people