As long as an artist is upfront about the provenance of the work, there is no problem. In most cases "Fauxtography" is meant as demeaning, and is nothing more than a cheap shot at a particular process. Some things that are called photography are not, they are illustrations that use photographic elements. If the artist maintains that these illustrations are photographs, that is their ignorance to bear, as no serious patron or collector is fooled, assuming that they even care. Most would buy work they think is strong in spite of the artist's affectations. The flip side is that many working in digital media fervently maintain that a computer print is the same as a silver, platinum, iron, bromoil, carbon print, etc. when they are in fact utterly different media. They all can be arrived at through the process of photography, but the media isn't the same. Some, however, persist that it is, to the detriment of all the photographic arts.
I hate pretentious made up words that describe everyday processes like "giclee" to describe inkjet printing, but my irritation has lessened as I have learned that collectors and patrons are well aware of what things are. The 8 buck "giclee" crowd only fools the dilettante. The collectors buy what they like.
The biggest problem we face as analog photographic artists is the perceptual homogenization of our process as identical to digital processes in the mind of they lay person, however, I'm not sure they matter so much.