It might make a difference that it was starflightthenightwing who suggested using his profile template as the new Bad Luck Brian. He mentioned it when he posted his picture in the comments at the bottom of front page memes a while back. So Raydog is not only using a template of his, but using it in a way he suggested.
I'm not saying that makes it right. I don't think it's good for users to make memes about other users. I agree with your comment that Raydog can make much better memes than this.
But I think it's different than someone grabbing someone else's picture from somewhere online and hijacking it for a meme.