When have laws ever stopped bad actors?
There are laws against breaking and entering, burglary and so on. Does that mean you don't lock your house or install an alarm system?
We should punish the actual bad behavior, not things that enable bad behavior. Otherwise, we'd outlaw kitchen knives and driving cars because, hey, you never know what someone could use them for.
In San Francisco I saw someone start to cross an empty street at an intersection, who then saw a police car cross the street two blocks away. The pedestrian stepped back onto the pavement and waited for the lights to change.
This was one of the most trivial crimes possible - jaywalking on an empty street - and it was stopped by a law.
In some places (quick check here, California as one example) locksmiths are required to be licensed:
http://www.bsis.ca.gov/forms_pubs/locksmith_fact.shtml
Also noting that there is a physical limitation to the harm that can be done if locksmith tools are sold. Both geographic and how the tool (which in not digital and has friction in distribution) is able to spread.
Someone using locksmith tools will most certainly operate in one area. They can't work from the comfort of their bedroom and in most cases can't cover their tracks as easily as digital crime can be covered (and done from anywhere in the world).