Well, let me rephrase that... they may work now, but not for long. As an industry, we've been down this road. There are limitless dime-a-dozen bootcamps that will get you all kinds of certifications (remember when those mattered?)
When I got my first tech job, doing support for Windows 2000, the training class was about 50% people who had attended various Windows 2000 MCSE "bootcamps" and were all certified. Unfortunately, they didn't know anything about Windows 2000. There was no understanding that people like me had gained from actually USING and WORKING with this stuff. While they were quietly led away to the Word Support team, the rest of us marveled at the hilarity of a "bootcamp" that taught very little real world knowledge.
I think 4-year schools, while mostly being terrible at producing people who can code for a living, do provide a depth and reach of experience that no bootcamp will ever supply. If someone goes into a "Ruby" bootcamp and already knows how to program in Java/PHP/Whatever, then sure, that will be valuable. Otherwise, this is going to be another training bubble similar to the training bubble of the late 90's early 00's.