I am aware of a number of people who have completed this course and been offered placements with airlines.
My understanding is that successful graduates of this programme are considered for placements when there insufficient "wings cadets" to meet customer placement demand.
Over the last few years there has been generally weak demand from airlines even for the primary cadet pool. It is only recently that demand has exceeded the supply from this primary source and there has been uptake again from the supplementary pool.
I believe they make this clear on their website.
If the programme carries too much uncertainty and risk for you, then that is fine. However it certainly isn't a "scam" I suspect you are looking for guarantees that just don't exist. Demand (which is constantly variable) isn't in the gift of the FTO, it is set by the cadet requirements of the customer airlines.
As you say, spend your money elsewhere if you are unhappy with the product or any perception of the opportunities it might or might not afford. They are a business, and so are their partners. The dynamic requirements of the latter set the numbers as regards placements.
I am absolutely sure you can find a MCC/JOC course cheaper. This airline placement pool is geared primarily towards the candidates who have completed a 16 month £82,000 full time course with the FTO. The supplemental short course offers a chance for any placements that exceed the output of the full time ATPL course. It is quite right that it should.