I don't think it is a scam. They understood that Blockchain is not the right direction. Most of the people will get this understanding in 1-2 years.
I don't like that they they do not share their code with the community, they keep it secret because of their "business model". It is almost clear that they just copied IOTAs tangle. That's why IOTA`s foundation may already keep an eye on them.
I have quite the same opinion. But do you think in this way they violate IOTA's intellectual property?