Completely agree. The majority of people are not suited to be even basically competent developers; they just lack the mindset / diligence / intelligence / etc. You can in no way compare this to apprenticing as a plumber or carpenter, which are positions that do not require anywhere as much mental capability.
All that aside, I guess these guys have done their calculations carefully, and might make some big 'wins' based on finding diamonds in the rough, and otherwise find enough average Joes to shovel into the meat-grinder of low-level development work.