I don't really get the claim about misrepresenting their financial incentives.. Is there a lender in the middle that pays the school a lesser amount and assumes the risk? I can't imagine they qualify for a federal educational loan guarantee.
[1]: https://nymag.com/intelligencer/2020/02/lambda-schools-job-p...
That being said bootcamps (or really school in general) are not a magic bullet that automatically gets you a job. Even a bachelor's in CS might not get you the skills needed to become a web developer. The core point of a real degree is it teaches you how to learn and instills basic principles that apply generally to any field. But you still need to put in the effort to learn domain specific things.