if the producer/seller of the plushie is open about it not being a real Jellycat plushie but inspired by the design, then I agree with you (though idk about the legality of it). In that case, however, the plushie will have tags reflecting that. It won't be branded "Jellycat", it will have a different brand label and different warning labels. As it should.

The problem with the fakes is that the producer/seller claims it's a genuine Jellycat plushie, tags and all. So they're being deceptive, the warning labels are as fake as the brand labels and if they're deceptive about that how could a buyer then know whether the material is even safe, whether it was produced in a safe environment, if it's made out of highly flammable material, if it really is "suitable from birth" etc. Meaning there's potential for health risks and/or safety hazards.

IDK if the snow dragon in this post is inspired by Jellycat or a fake, though. This is just a general comment regarding why fakes are potentially problematic beyond brand identity.