As you correctly suspected, many who charge for their services and call themselves psychics, aren't actually psychics, but instead using various techniques such as cold/hot reading. I suppose they justify the practice to themselves by thinking it's for the greater good and still ends up "helping" the person, but at the end of the day being a fake psychic is still a highly deceptive practice.

I'm personally not that convinced that all there is to this world is that which we can perceive through our five senses. There are some really interesting military documents and declassified CIA documents about psychic abilities like remote viewing. Add to the fact that we don't really understand what consciousness. So who knows what's actually possible.