In all my reading on this issue I couldn't find any thread on anyone having a bad sensor? It's either wiring or the ECU am I correct here?
Yep. I don't think I've ever heard of a sensor failing. There's not much in them to go wrong; it's just a piezoelectric element that makes a small amount of current when something like a sound wave runs into it. (It's essentially the same as the thing as what's behind the ignition button in a gas grill.)
The misrouted wiring was more common on older bikes; I think at some point Honda figured out that it was a problem and did something about it. If yours is cooked, you have the option of splicing it or replacing the engine subharness (not as expensive or intimidating as it sounds).
I don't have any insight into what on the ECU fails, but my guess would be the circuit that interfaces the sensors to everything else. I could wonder aloud if the extra pinging caused when people fill up with low-octane fuel has anything to do with it, but that's out in left field without a lot of proof.
Keep us posted on what you find.
--Mark