I think it's less about defense against "bad admins" than it is about protecting against accidental bone-headedness. :-) I typically set up a restrictive firewall policy even when I have a clear list of the services I'm running and/or I am the only admin. This comes in handy every once in a while, in cases where...
* A service is expecting more ports to be open than are documented. (Happens not-infrequently with license servers.)
* I'm re-using an old image and there are undocumented services enabled by default.
* A user decides to run a network service in their own account without informing the admins.
In all those cases, am I likely to change the firewall to "make it work"? Sure. But having to actually make that change helps keep an audit trail, and helps keep the admins explicitly aware of the attack surface. It's similar to why it's a good idea to periodically run nmap against your own servers.