I think what Penn and Teller did with things like their transparent cups and balls, their truck trick and so on, is less exposure than redefining the effect.
Take their cups and balls. The classic effect is that balls magically appear, disappear and translocate under cups, maybe with some penetration thrown in for good measure. In Penn and Teller's routine, that's not the effect. In their routine, the effect is that human perception can be manipulated and misdirected even under apparently "transparent" conditions. This effect is just given a structure and a framing by the use of cups and balls, which are familiar magic props and so enable the audience to keep up with the narrative.
And their "Trick Truck" truck trick. The effect isn't that Teller can withstand being run over by a truck. That's just the introductory premise. The effect is that people can be fooled by thinking too small, that, in order to deceive, someone might go to lengths unimaginable in other circumstances. In this case, those unimaginable lengths are gimmicking a whole truck.
So, what Penn and Teller did in these apparent displays of exposure is create "meta-magic", magic which told a story about the process and structure of magic and how wonderful it is. In other words, they found a way to share the wonder that we, as magicians, feel when we see a beautiful method, without actually revealing any secrets which would be detrimental to the art.
I agree with a lot of what you are saying. Even though these guys "reveal" the trick, they do it so well and smooth that even while showing the people the secret, they really can't exactly explain how it is done. I think what they have done in the magic industry is prett clever. I personally wouldn't perform my own show like that, but I would watch it.