The penalties for ITAR/EAR violations are severe so I suspect it's as ludicrous and incorrect a theory as one might suspect.
What is interesting is the woman appears to be extremely mid-looking.
If there is a lesson to be learned from all these extremely powerful men cheating on their wives with objectively ordinary women (e.g. Gates, Bezos, Tiger Woods) it's that the most beautiful woman in the world is worth about the same as the woman that works at McDonald's.
Diogenes?
I'm sorry but what is this vapid take on personal relationships and attraction? I don't get the point of anything beyond your first sentence. Can you explain?
These guys are so rich they can hire beautiful prostitutes whenever they want. Looks alone are dime-a-dozen, in the end it's personality that counts (the latter notably also holds true for non-gazillionaires).
Outside of your odd take on attraction, which is way more than looks alone...
There are memes that super-model looking women dating nerds are almost always spies of some sort. For this spy to have any chance at gaining real information she needed to have an actual relationship with Huang - which, see above, is more than looks alone.
1. that is a bit inappropriate to just openly say "but that spy girl looks mid"
2. The goal of honey trapping is to gain trust from the target to do whatever you want to do, not to please them. They don't even have to have an actual physical contact. A "mid", unassuming, appearance is often appropriate for this purpose. This actually applies to actual assassins, 100x engineers, and millionaire landlords, too; they gain nothing from standing out, so they look mid. You may optionally look good, but your looks should not be the means by which you achieve your goals.
3. (Extension to 2.)A rich CEO having affairs with a "mid" woman for a true extramarital love is probably more damaging to their relationships than them just disappearing into a hotel room with a prostitute with a bottle in hand. The latter is probably more tolerable to those involved and to the public.
4. Forgot where I read this, some diplomat's essay or something, but allegedly, Russians will do what you want to be happening, starting with regular office staffs and moms, escalating to scantily dressed girls, to visibly gay dudes, at which point they accept that their operation had been too obvious and give up. So there is a chance, I guess, if you must have it???