Completely disagree with this.
I launched a HackerOne program for my company last month (for free, not using their “managed” service).
Of the many reports people submitted, we triaged 30-40 valid reports (most very minor, one or two moderate). We paid out a few thousand dollars in rewards.
At the same time, we also did a more traditional 2-week penetration test with Cobalt (https://cobalt.io/) that cost over $10,000, and HackerOne was the clear winner when it came to the number of high quality security reports worth fixing. And H1 was 2-3x cheaper after paying out the bounties.
I’m sure HackerOne isn’t great for all companies, but just posting this to refute the blanket statement that HackerOne is “completely broken” across the board.