As for the ethics of it, well they're the same as the ethics of vanity publishing houses and low quality academic journals. Money is supposed to flow to the writer, not the other way around. It's like a job; you're not supposed to be paying for a chance to do the work.
So yeah, not really too ethical.
Let this scene from Goodfellas describe what should be the correct relationship between author and publisher[1].
[0]https://whatever.scalzi.com/2014/06/20/yogs-law-and-self-pub...
Usually these sorts of publications are essentially sponsored. IBM used to have trade rags that delivered ads with strategy and tech material written by IBM and partner employees.
The other model is career builder magazines. “Regional CFO Monthly” will host conferences and give awards to executives who are featured in the magazine, with articles written by conference sponsors.
The entire experience is about getting the big shots who will spend money to accept the reward and bring their minions to cheer them on.