The T&Cs are very clear that trading awards is prohibited. Given that, I would not say it's generally accepted that trading is allowed. I think many of us here have enough invested in the WoH program that we would not risk our membership, status, and points by trading an award. I would suspect, though, that, unless one is very obvious about violating the T&Cs, Hyatt has bigger fish to fry, such as those selling hundreds of GoH awards on eBay. You could probably get away with a trade or two, especially if you're willing to take the risk.
It’s been very obviously and blatantly done for years in China (selling GOH) this was even done very egregiously last year at the World Cup. Not only that but people in China explicitly will book rooms, then resell them to others and they “tip” the front desk to allow this process so they can get EQN’s and Milestones.
Also, the ability to trade was only added in 2024 I haven’t seen anything changed in the T&C explicitly stating it’s not permitted unless I’m overlooking something. If that was the case Hyatt would just have people join the FB and other groups gather all the names then research their accounts for shutdown, seems pretty easy and obvious…