> Had they launched a product, sure. But this was mere talk about a future product which they've decided "to retool" after scrutiny.

It was not mere talk, it was talk about a waitlisted feature used to induce signups to (and because of a “referrals move you up the line” policy, also to induce providing personal information if third parties as referrals to) Robinhoods existing service.

That is, it was false representation used to induce people providing Robinhood things of value, and thus, arguably, commercial fraud.