Floating lures are very cool and they do catch bass. I'm not sure that there's really anything controversial about them though, so I don't think they would ever be banned.
When the suspending jerkbait first hit the tournament scene the guys who were using them to catch suspending bass were kicking everyone's butt. People thought they were cheating because they kept it to themselves. Once word got out, it was like the Alabama rig craze, but because their really nothing controversial about the lure, they never got banned.
Floating plastics have been around for many years, so it most likely would have happened already.
Did you ever see those soft plastic worms that actually move on their own? Does anyone remember the name of those lures?