As I understand it, SPF works by listing permitted SMTP server domains in the TXT DNS record of the domain you own.
So if I own example.com and wish to permit a 3rd-party SMTP server at smtpexample.com to send emails on behalf of my domain, I add smtpexample.com to the SPF record, in the TXT field of my server's DNS entry.
Because DNS is publicly viewable, anyone can see my SPF entry and deduce that I am using smtpexample.com for sending email.
If smtpexample.com were a shared hosting provider, couldn't I sign up for an account with them and send emails purporting to be from admin@example.com?
So are the emails are considered legitimate, because they come from the SMTP server which is listed in example.com's SPF record?