This is scummy and all, but your favorite 80s wrestler probably has a much worse version of this story kicking around somewhere, so I'm not sure why people are so up in arms about this one.
Also, it seems like everyone got what they wanted in this scenario if the story is to be believed. The woman got to hang around a bunch of wrestlers without actually having to get into the ring and get hurt for real, and Punk and Cabana got to travel without paying for anything. If she was really gonna be somebody in wrestling, a couple of forearms wouldn't have kept her from doing so, to be honest. Hiro Matsuda broke Hogan's leg just to test his dedication, for crying out loud. It's not a business for people who get scared off by carnies or forearm shots.
I hate to sound insensitive, but this isn't much in the context of the wrestling business. Definitely scummy, but not worth a cancellation or anything like that.