Yes, it could.

A Latin proverb says: "Poison lies in quantity"
If inhaled, carbon monoxide is very toxic, but if you breathe 2 molecules of it, you won't even notice it (Captain Obvious!).
Water isn't toxic at all (in fact it's necessary for life), but if you drink 1000 Litres of water in one day, maybe you won't die, but you'll surely feel sick.

Weapons and hammers are good to explain this. Hammers are very useful and essential in many cases, and this is their use for good purposes; they can also be used to hurt other people, though. Flame throwers are very dangerous weapons, but no one says you can't use them to make barbecue. People are evil, not objects.
Both can have good and bad uses, but in a (normal) supermarket you can buy a hammer, not a flame thrower. That's because it's obvious that hammers would be used mostly to drive in nails, while flame throwers would be used to kill people.
Weapons like rifles or pistols can be used in sports, but that doesn't mean you can own a weapon, unless you have a firearm certificate! (unless you're in Texas... but that is an example)

The point being? Cheats aren't an exception; there are good purposes for them, too, just use imagination. But when it's time to decide whether or not to make them accessible to everyone, you must make an estimation: what use will be done of your tool? Will it mostly be used for it primary purpose or not? Obviously, cheat programs are mostly used to cheat, so, according to this line of argument, putting them online means to indirectly (hey, heard that word before!) support cheating.