I see what you are saying, but I think you are being a bit harsh. Your money gets you slightly more than an 'introduction' to the airlines you mention. They are working together, in partnership to provide what the airlines want. If the airlines didn't want younger guys with low hours they wouldn't use CTC.
One of the biggest points to remember is that the airlines you quote are actively looking at future pilot requirements and they like the product that CTC provides them with, an added bonus to the fact that the risk of failure is taken away from the airline is the fact that a low hours guy is several years away from qualifying for command and one thing that annoyed the CP at jmc was all the more experienced guys bleating for a command assessment when they were still a number of years away on the seniority list.
None of us can predict future economic events, CTC and the airlines included. So if another event like 9/11 were to occur just as you were to start with said airline then thats just tough. The opposite side of the coin is if you paid up front for all of your training, got a direct entry F/O job with the same airline and then world events transpired against you and you found yourself on redundancy. Been there, done that. I luckily didn't have any ongoing debt to service, but pals of mine did, and still do. Nobody gave them any guarantees, so I don't see what's so different.
CTC are very well respected in the industry and I know a couple of guys personally who were not given contracts at jmc after 9/11 despite finishing their 6 months and CTC found them employment with easyJet (they still had to make the grade and be acceptable to easy of course). Anyone who hadn't been on the scheme who was at jmc like me, and then faced redundancy had no such route into easyJet. IMHO CTC acted admirably in supporting these unfortunate guys. I think that speaks volumes.
I agree, you could go and fund your own training (can't comment about how much it would cost you) but then you would find yourself out in the big wild world with all those hundreds of other 'low hours' pilots currently looking for those oh so elusive F/O jobs. If that's more your cup of tea then fine, I'm not knocking it, hell that's the route I took, but your throw away line about how you could 'just' pay for your own training and then go and get a job really needs a little more scrutiny. Ask any of the pilots on here who have qualified and are finding it incredibly difficult to get any kind of flying job. It really is VERY, VERY competitive at the moment and will be for some time to come.
CTC are a business and they are there to make money, what they offer is a proven product to the airlines without the risk. They take the risk and they use their expertise to root out the likely failures before they put candidates forward for type ratings. That's what they do to make money. In return they offer a scheme to the individual which can save them something like five years in their aviation career by putting them straight into the RHS of a jet aircraft.
It's horses for courses, if you don't like it withdraw from the next stage. Nobody is forcing you to do it. Oh, and by the way, make sure you call the airlines by their correct names if asked by CTC; jmc don't exist any more.