I pick you: you people are insane. they have raised based off of demos. vcs come in, get the demo, sign a check (because it's that fucking good). I know at least 4 people personally that have gotten demos and it's very real.
What is known, empirically true - it is possible for one group of people to scam other people and groups for many millions of dollars each. Given what is known about the mechanisms of high end confidence tricks, what is different about the operation of Magic Leap that indicates that it is not a confidence trick? Remember, the most detailed article written by a journalist who experienced the demo describes a literal scam.