Theory is not really relevant when the practical reality is monstrous. The five eyes are not redeemable.
It's easy for us to sit at our desks and churn out our work and be mad. And there's things to be mad about for sure. The wanton disregard for civil liberty and protection is simply irredeemable. And to be sure, I've been a fan of your country's very public responses over the last few years to personal privacy. I hope the US legislature can learn a thing or two.
But It's not the "five eyes". It's the entire world. Any country with an interest in protecting their sovereignty also has some form of information gathering operation.
When that operation gets big and exposes itself, folks get upset because, yeah, being spied on isn't a comfortable thing. Do some countries go about gathering this information more morally than others? Something tells me we'd have to be in the secret inner sanctums of the biggest opponents to really know, and I think the answer would be "a spade is a spade."
Does it help our countries protect themselves? I honestly don't know.
But I do know that "grey hatting" in the general development community doesn't garner this sort of bile and venom. I don't know why being a grey hat for a government should be treated differently.