As I understand it, Ryanair's type rating scheme includes all line training - about 50+ sectors. At the end of that training, you may be offered a full time job. I believe not many haven't been. This is a world apart from a zero-flight-time type rating - you would expect to have 100 or more hours on the 737 at the end of line training.
Also, as I understand it, Ryanair doesn't impose a bond or reduce new recruits' pay for 5 years - as happens in BA, to name but one. In other words, Ryanair takes a different approach to most airlines, but I couldn't honestly say that it's morally less acceptable.
I would strongly suggest that you find out all about this programme from the company before you judge it - and do some research into what it's like to work for this outfit. You'll get some strong opinions on both sides!