I guess if my freezer was empty and we needed the meat badly, I'd consider shooting this marked deer. Otherwise I'd pass.
Here's an article showing a deer similar to the one described in Warbirdlover's OP. It states the biologists tagged and collared wild free roaming bucks 3 1/2 years old and older. These are the animals the majority of deer hunters are after, but very few are able to harvest, because in the wild, in their natural state, without putting them behind a high fence and feeding them, where hunters have free access without having to PTH, they seldom live that long. In the state Warbirdlover and I hunt, the average age of bucks harvested is still only about 2 1/2 years of age. Just a few years ago the average was 1 1/2. Also, most that harvest bucks around here are after horn, not meat. Very few Wisconsinites are subsistence hunters. Most like me, would prefer to harvest a mature buck compared to an antlerless deer, but would rather eat a fat doe as opposed to a old rank buck.
I'm not defending TV hunting shows as I know most are staged and are done with the help of guides and outfitters on land with limited access or behind high fences on a PTH property. I seldom watch them, with NWTF's "Turkey Call" the exception. But I certainly would not let a 4 1/2 year old buck of a lifetime walk because it wore ear tags from recent biological research. I doubt very much you or anyone else here would either.