If you think it's wrong to make a profit, then go get your buddies and stand in line before them so you can sell them at face value to all your friends and family. Or petition to Apple to allow only one per customer.
As of now, they aren't really doing anything illegal. They're simply buying and selling at a price the market is willing to pay. It's supply and demand.
And that's fine if they don't cut in line. I had some friends waiting in line at an Apple Store and they said there were Chinese scalpers trying to brazenly cut in front of people, but fortunately nobody in the line would let them.
By the way I am Asian, not Chinese, though I am often mistaken for Chinese and have put up with real racist crap directed at Chinese and other Asians in this country. However, I don't consider these concerns about the Chinese scalpers p racist because I know if I were to stand in line waiting for an IPhone like a regular customer, nobody would treat me in a racist manner...as I've stood in line before for an IPhone and enjoyed friendly camaraderie with others around me. It's the behavior being disapproved of, and it happens to be perpetrated in the most noticeable manner and numbers by Chinese right now. Maybe some day it will be another group we will complain about.
If someone wants to stand in line and act normal like other customers and buy one or two phones to resell for a profit, fine. But I think most people draw the line at obnoxious shenanigans.