It depends on who "we" is. As others have pointed out, this portion of the law limits how much more private insurers can make smokers pay than non-smokers. This has nothing to do with what the publicly-funded (Medicare, Medicaid, VA, etc.) programs can and cannot do.
Unless your state requires community rating from your private insurers, they already do charge people more for being fat or being a woman, or working in a dangerous occupation. If they could make more money doing so, I'm sure they'd charge people who sleep around more, assuming sleeping around correlates with higher health care costs (I assume it does).
It's just like car insurance, dude. If they decide that you meet a particular risk profile that says you'll cost a lot more in claims, they're going to charge you more in premiums. Hell, if having blue eyes correlated with increased heath care expenses, they'd charge you more for that. It isn't moralizing; it's about being on the right side of an actuarial calculation. If you don't agree with that, you're free to write to your state representative and ask them to require community rating and guaranteed issue from the private insurers that do business in your state (or write to Congress if you want a federal standard).