You can probably say the same about all fields, even those that have formal protections and regulations. That doesn't mean that there aren't people that have PhD's in the field and are trying to improve it for the better.

Is it really a grift when you are selling possible value to an investor who would make money from possible value?

As in, there is no lie, investors know it’s a gamble and are just looking for the gamble that everyone else bets on, not that it l would provide real value.