Everyone will find something to waste their money on.
I've made a about £500 selling my old accounts when I bored from games but doing it for a living would be pointless. I really doubt that people are making 6 figure sums from doing it.
I never played UO but I know that with EQ selling/buying accounts and equipment is generally frowned upon. If someone is discovered as a buyer or seller then a lot of people take great pleasure in giving them a hard time. Not to mention it could get them banned.
I doubt Sony banned sales due to preserving the game world though. Probably just couldn't figure out a decent way of making extra bucks from it themselves.
My mate sold shit loads of stuff on ebay. There is one game he sold his 2 chars for like £400, unbelieveable tbh. Ive seen the odd rare item from Diablo 2 being sold. Never considered buying it though. If you play the game long enough youll find the item/or trade for it.
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