Can you clarify what you mean by this? What aspect is considered impossible? Augmented Reality has been around for a while. There's the Microsoft HoloLens. Not to mention all the AR demos Apple does whenever they announce a new iPhone.
Check out this page, for example:
https://www.apple.com/augmented-reality/
especially the Snapchat one. You have rendered images being obscured by physical objects directly "in front" of them.
If anything, Magic Leap seems a bit ordinary with only its size being the standout feature. But, even there, it looks like they're already beat by Snapchat's Specatcles (see: https://www.spectacles.com/ )
So I fail to see how Magic Leap's product claims are in any way similar to Theranos or uBeam. If anything, their claims are not that impressive given the competition.