It may have the same result, but the circumstances are entirely different. Sites like imageshack exist for that express purpose. Hotlinking other sites bleeds their bandwidth without their consent and offers them no benefit at all. As you say, we have no actual rules against it, but it's discourteous to abuse the privilege, if nothing else.
That said, if there's a lack of images posted here, it's not because we don't allow it.
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