I know several people who will occasionally wear their grandfathers medal in remembrance of them or in respect to them. Maybe the person is wearing it as a respect to a best friend who lost their life. You never know, but of course if they try to take credit or make money off of it then that shouldn't be allowed.
The 1st Amendment allows for the wearing of medals that an individual did not specifically earn. I do think this is okay though, because the simple act of wearing a medal is not harming anyone. However, if this person attempts to use this medal to gain money, votes, or any advantage then I think this is abuse of the medal and then should be subject to punishment for false representation.
It would be a complete travesty to reward individuals with medals that were originally meant to honor individuals who have sacrificed and made significant contributions to society. By letting anyone get a medal, we are in many ways, devaluing the medals being handing out. People who decide to wear a medal they did not earn should face severe consequences for dishonor the memories of the individuals who have fought and dies for the very same freedom the people in question have failed to make full use of.
There has been a lot of sweat equity to earn a medal. Peers recognize your work and sacrifice. It is an honour to receive a medal. To wear a medal that you did not earn seems to throw the entire system into chaos. One is taking credit (the display of the medal) for something that they have not done. There is no honour in that.
I think that if individuals are allowed to wear medals that they did not earn, the integrity and value of the given award is compromised. Therefore, even in spite of the first amendment of the U.S. constitution, people should be punished financially or in some other way for wearing medals they did not rightfully earn.