There are a lot more "reproduction" tags out there than you would like to believe. Many of the high end builds have them but do not admit to it or they have the original tag which is rusty and damaged so they make a nice new one to put onto the car.
Everyone can have their own opinions on the tags, personally I feel that if the tag represents what's on the car then so be it. The VIN contains the model, year and engine so those cannot be "faked" and I completely understand that you can make a tag with a pile of options that the car did not originally have, however if those options are on the car and installed/applied correctly then it is what it is (proverbial walks like a duck scenario).
Perhaps the more salient point is this, if someone were to buy a car which the tag matched the car and everything was installed as it was supposed to be how would you know any different unless some documentation or a previous owner came forward disputing the current configuration.
This tag deal is a direct result of the A hole "investors" getting to the hobby along with the greedy ass auction houses. Back in the day no one gave two craps about a fender tag, they bought a car for what it was then, not what it "should" have been. However, so much has been made of the tag issue that now people with "lesser" cars feel that they need a tag on the car or be ridiculed for not having one.
Personally I don't have any issue with a repo tag or even added options on a car for that matter so long as it isn't a hack job. Buy the car for what it is not what it is supposed to be. Bottom line though is that unless someone can prove otherwise the tag on the car is all you have to go from. Since I don't buy 6 figure cars this is not a problem in my world...
