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Unlimited PTO has to be horseshit right?
(hexbear.net)
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It's generally a scam, yeah. That's why it's illegal in some places. It CAN be a really nice benefit, if your employer genuinely values their employees, but we all know how likely that is.
It's like you say, you CAN take as much as you want, but anyone with a brain is gonna be afraid of taking too much, and being singled out as an "underperformer". Plus, most people won't make the effort to track how much they use, if they're not forced to. So generally, people end up taking less than they would if there was just a firm limit.