Industrial espionage? I am meh about it, at least compared to spying on citizens.
There is copyright and patents that can be used against the more blatent benefits of industrial espionage though... and I think France is in on that copyright stuff with America? If so... yea...
It's more of a philosophical point.
The USA might have expansive espionage systems but they are nearly exclusively for national security purposes. Any other applications are (with very few exceptions) illegal abuse of the programs. Not saying that such abuse is impossible or doesn't happen, or that the laws of what counts as national security are always draw in the right place, but ideologically and legally even law enforcement is quite constrained in it's applications of surveillance.
The acceptance that such spying is acceptable for commercial gain is opening up a whole new realm of spying. Once you accept financial gain as a valid reason for (legal, state) espionage it's easy to justify nearly any spying you feel grants any sort of advantage, with very few lines left to cross.
As a very simple example, if using state surveillance for commercial purposes is justified, wouldn't gathering information about the officers and staff of a company for blackmail or exploitation purposes be justified? Or direct sabotage using the information gathered? Or market manipulations using insider trading information? There are dozens of damaging options beyond just stealing trade secrets (which are usually those pieces of IP not covered by patent protections, otherwise they wouldn't be secret - often patent pending or raw research before a patentable product).
One of the early reports I saw about the Snowden leak was that countries who do see such espionage as acceptable are unlikely to believe that the US system is solely for national security purposes and see its revealed extent as a declaration of economic war, encouraging more of this sort of economic espionage in the future.