I understand your point. I believe that they need to change their terminology.
The check box "Home Sharing Computers Update Play Counts" check box should not even be located where it is since it is not relivant to "Share My Library". "Home Sharing" and "Share My Library" are two different things and the fact that both contain the words "Share" and "Library" is very confusing to someone who has never used either. After reading some of the postings in this forum it is evident that other people do not know they are different.
Perhaps they need a window to configure "Home Sharing" where the "Home Sharing Computers Update Play Counts" checkbox and "Turn on Home Sharing" checkbox would reside and also a place where you can enter your Apple ID and Password. This gives full R/W , import access to other users on Home sharing,
Then there could be a separate place where you can turn on access to your library to enable other computers on the network read only access to play your library, which is essentially what "Share My Library" really is, and they could call it "Allow Play Only Access to songs in your library"