According to IBPA, the code of ethics was passed because "professionalism matters" and it is part of the association's mission to make sure that the indie publishing industry has high standards.
Check out the IBPA code of ethics:
After reading, it is clear that the IBPA is truly trying to make sure the independent publishing industry is taken seriously. In order for the consumer to take indie publishing seriously, the writers and publishers have to do so first in order to create a professional product.
It is a common belief that indie publishing is a last resort for those who cannot find success in traditional publishing. Most people feel that when someone decides to self publish a book that book will be of lower quality than a traditionally published one.
It is great to know that the IBPA is on a mission to make that belief a thing of the past by making indie authors and indie publishers more aware of how to bring professionalism to today's indie publishing industry.