You took the IBM Data Processing aptitude test and if you did OK, the company inducted you into a trainee programmer role and you were sent on a course and got your PL/I book. You then spent 6 months working with the senior programmer gaining experience and making small patches and then eventually moved into a journeyman status. Basically it was an apprenticeship for coders.
Some stayed at that level, some quit, others would then do a combined CS with Computer Systems Engineering degree and get honours :-). The point is that it gave people a look in at the ground floor - people who gained value for their company who never would have had the chance in a world where the only way to open the door is a degree.
So despite my initial skepticism, I think there can be a place for things like this. In the end it depends how it is used. If it is to get people to pay money for a worthless course, then that is not great. However, if people can get placements as part of the gig, and they are treated effectively as apprentices, then it opens doors to a little more diverse crew than we are getting at the moment, and that's a good thing.