I think ultimately this comes back to the fans. Let's be blunt: nobody in Chicago was screaming about Sosa while he was whacking them out of the park. Ditto San Francisco. Ditto St Louis. Ditto etc.
As long as fans are willing to accept this - and IMO Giambi proves they are - it's difficult to argue Selig is doing the "wrong" thing. As long as Giambi etc are welcomed on the field of play, why doesn't Bonds have a "right" to break whatever record he likes?
I hear your pain, but I just think the fans have to shoulder a lot of responsibility for this mess.