Is it stupid to do something highly dangerous for the sake of entertaining others? Yes, it absolutely is.
But guess what; we live in a free country, where if you want to endanger yourself to please a crowd, why should anyone stop you? It's your decision, and if you die, that's on you, no one else.
They are performers, they know the worst case scenario every time they go on stage. If they are willing to take the risk, then so be it. Some of the more dangerous tricks are the most entertaining to watch and crowd pleasing. If you banned dangerous jobs where chances of death could occur you would have to ban so many such as boxing, wrestling, even a cricketer died by getting hit by a ball. Fishing kills an alarming amount of people each year, higher than every other sport (yes apparently fishing counts as a sport). Weight lifting in the gym can lead to death in freak accidents etc. Let the magician do their jobs. They are well trained and know the risks.
I am of the opinion that suicide should be legal, if significantly discouraged, so I need to reason to bar anyone from performing actions that have the potential to result in their own death. Magicians will just need to prove that they are the only ones being placed in danger to ensure the safety of their audience.
So many people put themselves at risk for their job/money, so why would we hinder a magic trick that may result in their death. We let soldiers fight overseas and many even die overseas or are captured and tortured. We would let soldiers do this, but not let a magician do a magic trick that "might" result in their own death while not harming anyone else? This makes no sense to me.
Yes. Magicians should be allowed to perform tricks that can result in death. They understand the risks and consequences, and they still choose to perform these acts. This is how they make their living. There are other careers far more dangerous than being a magician, and we still allow them to work. It is the magicians choice.
Should be forbidden because no one wants to see a magician suicide himself in front of kids and all kinds of other people with bad hearts. Those magicians need to learn to relax a bit and stop searching for impossible ways of impressing their crowds. It is not cool seeing dead magicians.