Technically its illegal but practically in Sri lankan context are there instances where owners were charged for having Hood wraps? i personally think its one of those redundant offences like having tinted windows isnt it?
If you like, you can take the risk and go around like many people do. The law is very clear. It's illegal. Whether a cop will decide to charge you or not, is not something I or anyone can predict.
I have seen many vehicles with hood , bonnet and even whole body wraps. since this trend is new not sure police is paying any attention now. But as Crosswind said, technically its an offence.
Never know out of blue moon police will start chasing the wraps, just like random checks on window tint.