Perseas,
You can go and fly 40min on a DA42 on that money...
Don't forget that before 2017 you also had to pay the TR price, and there was no bond, just like today, and the contract was the same with no job offer. Did those pilots get a job at Ryanair? Yes, they did.
Also, if you think that this is a scam with no real intention to employ, then why would Ryanair reject unsuitable candidates (who are willing to pay the price of the TR)? I think because they are looking for the appropiate pilots for their operation, and behind the whole TR programme, there is a real intention of employing the new cadets. Also don't forget that using the new pilots will be cheaper so till the industry comes back to normal, probably the younger cadets will fly more, and there is a possibility, that some of the more experienced pilots will not.
All in all, even 3 years ago a lot of pilots had to pay the TR fees, with the same contract.