Certainly it did not cost $25 to develop the modchip. If you put in the labor and software related cost it's not $25.
tl;dr yep, he could have been shoveling CRUD shit and making more money, or implementing high end algorithms within broken operating systems, or implementing high end algorithms with insufficient education or time to prove them, while getting dumber
scratch that he got a bug bounty for his work so his net gain is equal. check mate