I agree with you that they probably aren't very smart, most of them anyway. However, if you bump up a cynicism level just a tad, here's what you get:
They don't need to stop people from possessing or using "hacking tools", they just need to make the tools illegal so they have one more stick with which to beat people into submission. In fact, it's better if people don't stop using the tools.
For example, say the government wants to do some extra-judicial harm to an annoying person or group (Wikileaks comes to mind). The company hosting the data won't cooperate, so the government "finds out" that they use unlicensed "hacking tools" as part of their business. Now the company is given a choice by the government: hand over the data we want (even though you aren't required to do so under the law) or we file charges for your possession of "hacking tools" and make life hell for your company and staff.
Now, don't get hung up on the details of my example. These sorts of situations are easy to think of and they happen all the time (article a while back about cops around St. Louis comes to mind).
The basic principle is that if everyone is a criminal, whether they intend to be or not, then the government has unlimited power over people through its ability to cut deals with criminals. It can coerce anyone to do anything regardless of constitutional or similar safeguards because it can punish anyone at any time.
Maybe you aren't that cynical (not sure I am, in fact), but I'd rather keep laws like this one off the books, just in case.
Maybe I'm just too cynical, but I believe they are smart enough to realize that and they just don't care. Lawmaking in modern society is inextricably tied to politics and this seems yet another politically motivated piece of legislation.
