Of course to actually impose income tax on these transactions would be nearly impossible. For the business, they would at least have expenses to deduct against the barter income, but for the private individual it would hobby income, with no deductions available. Also, how would FMV be established? The attention of a high-wealth person inclined to spend money is obviously worth more than that of someone of more modest means who spends very frugally, yet they both receive the same content in exchange. And if the FMV ends up being on the order of a dollar or two, it's not worth anyone's time to track it and report it.
