Do you think it would be ethical for someone to work on search ranking at Google and moonlight doing SEO work? Would it be ethical for this person to implement a search ranking algorithm in their spare time and license it out to competitors? What if they don't work on ranking themselves, but they spend their spare time reading through the ranking codebase, which they have access to for some legitimate business reason (say, doing large scale refactors)?
Noncompetes are their own well-defined clause; the IP/inventions clause is a totally separate thing, and the unqualified version is totally unjustifiable, they just throw in there because they can