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I'd say that the reason black magicians are hoist by their own petard, is just as OP says, because it creates power in the finite, material sense. Black magic is just buying something, it's tit for tat with an unknown entity, it's entirely materialistic and it does not involve God at all. The power it produces is finite, based on the material value of different things in relation to each other, like math, like money.
So, when someone figures out power can be accumulated this way, they think they are really smart; they cannot really be called magicians because it is just another form of material science, trading and gambling with material things. And they end up fighting over this magic power they've created and being yoked to it as well as if it's a material object.
Their power, compared to God's power, Kek's power, er, actual magic, is like an electrical generator compared to free energy technology. Faith is like free energy technology.
meme magic theory and practice bread now
edited to retaking /pol/ for the 100th time also