Sometimes my simplest comments get misunderstood the greatest; if someone were to want to take this to a criminal court it would be idiotic to go for violating terms of service as the reason, especially for the link you provide, but as I said in my post someone might want to try this as theft of services.
Did you think my use of the word services was somehow related to terms thereof, because no. So to quote wikipedia because it was the first that came up when I googled "Theft of services is the legal term for a crime which is committed when a person obtains valuable services — as opposed to goods — by deception, force, threat or other unlawful means, i.e., without lawfully compensating the provider for these services", do you see how someone might argue that changing out the api key could be seen as a form of deception?
I am not saying that I would think it right that someone bring this to criminal court (I figured I better put that out there as even the simplest of comments can be misunderstood, so who knows what several paragraphs together might lead to), I am not saying that they would even win, I am not saying anyone who did it would be doing so for the purest of motives. But I am saying it does seem something like theft of services by using deception.
on edit: the theft and new api keys refers several ancestors back to this anecdote "Their strategy was to have a pool of API keys attached to new accounts that would take advantage of the Google Maps API free tier, and monitor its usage. As the free tier usage would run out, the system would roll over to a new API key automatically."